The State Of The UK Housing Market: Rise And Fall After The Pandemic
With the price of property fluctuating more and more frequently due to the economic crisis the world is facing after the pandemic, the state of the UK housing market has been quite unpredictable for many — especially those who are interacted in buying a house for personal use or want to invest in the real estate market.
As per the Property Press Online, the latest rates of property on the UK market have increased by a good percentage since the last year; however, since the market crash a few years ago during the pandemic, the growth in the rates of real Estate has been slow and uncertain. Most of these fluctuations have been on the decrease until very recently when the prices started to increase steadily.
Benefits of investment in housing
With inflation, keeping money in banks or leaving in the locker may cause them to never multiply or increase and stay in there, rotting through its value while inflation decreases the value of money day by day. The best way to prevent it is by investing in property and real estate whose price may only increase in the future — allowing its buyers to resell it shortly to gain a good profit.
Furthermore, the later one buys property, the pricier it would be in the end; thus, buying it right now can help many from acquiring less debt if they buy now than later.
While the increase in the price of housing is even constant, the growth in this price and profit rate has slowed down due to the pandemic and people being relatively less interacted than before; more so due to hesitance than actual abandonment of the idea of buying a house.
Since the prices are still fluctuating and almost crashed the market a while back, many are withholding buying properties until the last moment — mostly to get the best price possible even if it is buying at the eleventh hour. This is where the broker and financial counselor help with the decision.
Due to the growth in prices of property and real estate being quite slow, people are predicting the future to have the same slow growth with a decrease in the overall pricing. This is mostly predicted based on the fact that the overall climate in the UK region has been suffering from strong heatwaves and unpredictable weather. This discouraged a lot of foreign visitors and investors to look for property in some other Europe countries and their real estate markets.
Is it better to take a loan to buy a house?
While many may think taking a loan is not worth it for buying a house, it would be a gross misconception — especially since the price of any property or real estate would only increase in the future, albeit a bit slower than before.
Thus, taking a loan is not only a wise decision but a safer one too, helping one make a profit for those aiming to invest while helping one buy their dream home, in the case of those buying the house for personal use. Those with a good credit score would find it even more beneficial due to the benefits like low-interest rates and a longer period to pay back due to the said credit score.
In the end, the housing market in the UK is still worth investing in; however, proper research should be done before such investment — especially if one is doing so to get a visa. Those aiming to buy a perpetually to live or gain personal access to it can take loans to meet any shortcomings.