During the summer of 2019, there were a number of reports that suggested that property sales transactions had been falling, but in October 2019, HMRC reported an upturn. Their data showed that the seasonally adjusted transactions increased by 4.3% from 2018. This marked a change from earlier data which suggested that homeowners were holding back on selling, to see what effect the outcome of Brexit would have on property prices.
It’s difficult to pin down the reason for any upturn on a specific, single factor, but the competitive borrowing rates, a more affordable market, and perhaps some urgency over Brexit at the time may have been having an effect. Andrew Mortlake of Coreco pointed to a stronger jobs market as being an additional factor, while Gareth Lewis of MT Finance commented on the approaching end of year focusing people’s minds on getting things done.
If you’re considering buying or selling property, it’s difficult to know when the best time is to enter the market, but one thing is for sure, you should be prepared. Valuations and appropriate surveys are vital to ensure your move goes smoothly and that you don’t encounter any unforeseen problems. Various types of surveys are available at different prices, ranging from a mortgage valuation survey to a full structural survey. There are surveys tailored to specific types of property, such as new builds. Your surveyor can help you choose the right one, depending on the age and type of the property. RICS has been widely reported as highlighting that 1 in 5 home buyers get a mortgage valuation report only, which only confirms that your property is worth the price you’re paying for it – it does not highlight any structural defects that need repairing. As a result, home buyers leave themselves exposed to the risk of dealing with some expensive repairs.
A local surveyor can help you determine the survey you need. If you’re in Essex and looking for a home buyers survey Southend on Sea based surveyors such as https://www.samconveyancing.co.uk/Homebuyers-Survey/Home-Buyers-Survey-Southend-on-Sea can give useful advice.
Despite its ups and downs, the UK property market is still strong and resilient. The high levels of demand, not just for existing properties but for new properties to be built means that it is still a good market to invest in.