With the stamp duty holiday ending in England and Northern Ireland at the end of September, the UK housing market is on a roll. With prices on the rise, more homebuyers than ever are flocking to larger properties outside of urban centers’. Despite the threat of a rate rise, the experts believe that the market will remain resilient. However, they warn that the rise could knock the price trend even further. With a two-year expansion, the market may start to cool.
As of Q1 2017, house prices in the UK's three regions were up more than 154%. Compared to the rest of the country, the price difference was PS290,140 (US$401,612). Outer Metropolitan London grew at the fastest rate, rising 45.7%, compared to a 240.9% increase in the Outer Metropolitan area and 25.5% in the North West. Meanwhile, the North West rose by just 2.8% and Wales grew by 9.6%.
The recent increase in house prices across the UK has defied economic gravity and thrown the economy into a tailspin. The rise has outstripped the growth of those without a contract to sell their own home. Those without a sale to make have been beaten by buyers with an under-contract sale. But these buyers aren't the only ones benefiting. While a slump in the housing market is bad for the economy, it has been a boon to house prices.
Those seeking a more rural area should consider the Cotswold, Derbyshire Dales, and North Norfolk. Those living in these areas can expect a 20% increase in house prices over the next seven years. Rising population and immigration in the south will also help the housing market. Mortgage rates remain low, but Rich predicts a 2% to 4% rise in the north. This will keep the price of properties in the southern parts of the country.
The UK housing market has surprised many experts and surpassed their expectations. Despite the many predictions that the housing market would collapse, it has exploded. It has entered a mini-boom but its length is still uncertain. While the property market is a positive indicator, the housing market is far from overheated. Regardless of where you live, it is a good time to buy a house. The UK housing market is a great place to buy a home.
There are many reasons for this. The UK housing market is booming. Those who want to buy a home should consider the price of the property. The market is experiencing a period of unprecedented growth. The average house price in the UK grew by 5.8% in the last year. As a result, the UK housing market is predicted to grow by 7.2% in 2020. If the trend continues, prices will return to their pre-pandemic level in 2022.
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