In the weeks leading up to the EU referendum, property experts across the country have been predicting the effect that a Brexit (or remain) result will have on house prices. For the most part, the experts agreed that prices were likely to dip – due to uncertainty in the market.
However, with only two days to go until the referendum, it seems that the property professionals have got it wrong – and that in spite of doubt raised by the vote results, people are still actively seeking property investment opportunities.
Investing in Property in the UK – Climbing Prices
In spite of the impending referendum, people are still eager to invest in property in the UK, according to leading property search site, Rightmove. Contrary to predictions, house prices continued to climb throughout May – rising by 0.8% to an average of £310,471.
Additionally, properties are still continuing to sell quickly. The average time it now takes for a house to sell is just 57 days – the fastest it’s been since 2010.
Why the buoyant market?
Those looking to invest in buy-to-let property for sale may be perplexed at the continued buoyancy of the UK market. A significant reason why houses are still selling so well is continued demand, combined with severe lack of supply. In short, there aren’t enough properties on the market to meet the needs of homebuyers.
These figures may come as a disappointment to first-time buyers, who were hoping to see a reduction in house prices – enabling them to get on the property ladder. However, for those seeking buy-to-let property for sale, the news is likely to be well received.
Higher prices mean that increasing numbers of people are driven to rent – and that demand for rented accommodation remains high.
Property Investment Opportunities – Where to Buy?
According to Rightmove, the area experiencing the highest rate of price growth is the south-east of the country – particularly in locations that are due to be connected to London via the Crossrail train route. Towns within the commuter-belt are seeing a rapid rise in prices – which is why savvy property investors are buying in these areas, to ensure good capital growth.
London property prices still remain high, but interestingly, their rate of growth has been exceeded by many other areas of the country, including Wales and the south-west of the UK.
Property Investment in the UK
When investing in UK property, it’s important to consider the following:
The Buy2Let Shop in Bromley
If you want to find out more about the current property market, talk to The Buy2Let Shop. We’re a team of property investment agents, and we specialise in helping investors find competitively priced properties, with a view to maximising returns.
We also offer assistance with property auctions and regularly host property investment seminars, designed to improve your knowledge of the market. To find out more, simply visit The Buy2Let Shop site today.