The Resurgence of the UK Housing Market:
UK housing market conditions continue to steadily improve, supported in part by greater mortgage affordability, which has been easing thanks to strong wage growth and falling interest rates. This positivity is now filtering through with respect to transactional volumes, with the latest official data suggesting that the number of monthly sales completing across the UK property market in August tipped the 100,000 threshold for the first time since December 2022.
Nationwide Building Society has revealed an increase in property prices, signalling a significant turning point for the UK housing market. In September 2024, house prices experienced their fastest monthly growth in two years, with a 0.7% increase in property values, propelling the annual growth rate to 3.2%. This surge highlights the importance of staying informed and agile in a dynamic market environment.
Statistics from: moneyweekuk
This is all in opposition to the media hype being spun that the budget is going to quash the appetite for moving and property investment. The Renters’ Rights Bill returns to Parliament today for its second reading and it is highly likely to be pushed through strengthening renters’ rights. This can be seen as the positive step it is meant to be for quality landlords who already ensure that their properties are kept to a high standard. Good landlords want good tenants to stay in their properties and pay the rent without any vacant periods. This bill will give tenants more confidence that their landlord will not be evicting them soon after their tenancy ends, nor will they be able to put the rent up to unfair levels. The majority of the problems that are reported on are some distance away from the wonderful Oasis of Yorkshire and more importantly for our clients in the smaller micro market of Harrogate and its environs.
A window of opportunity not to miss
At FSS, we see this as a clear signal that now is an ideal time for prospective buyers to make their move, as there will be sellers wanting to move out of the rental sector which give opportunities for quality landlords to increase their portfolios Also, if you are planning on moving upmarket to something larger and more expensive now is the ideal time, before the market takes off and the “gaps” between the prices grows. With mortgage rates expected to decrease further in the coming months, buyers have a prime opportunity to secure a property before demand escalates. As the market gains momentum, delaying your decision could result in facing higher competition and prices.
Navigating the housing market can be challenging, especially during changing times. At FSS Property, we are dedicated to guiding you, whether you are a first time buyer, a seasoned mover or an investor, our expert team will help you find the right property that fits your needs and budget. Don’t wait for the competition to intensify; contact FSS your trusted Harrogate Estate Agency, to explore your options and start your property journey today. www.fssproperty.co.uk or 01423 501211.