New Year, new home?
27 Dec 2019
Now is the time to begin your online property search
The New Year is a period of resolution and change.
With time off over the festive season house hunters sit down and trawl the online property portals and individual online agents like OnlineEstateAgents.com for their ideal home in the right location.
It’s an inspirational pastime in the dark days of winter and one that could pay huge dividends in terms of a sound investment and a wonderful place to live should you take your interest further.
The latest cities house price survey carried out for property portal Zoopla shows that despite economic uncertainty over the last decade UK cities house prices increased by 54% - an average price increase of £90,000, or £9,000 a year, driven largely by strong growth in London and individually by the relative strengths of local economies
London registered the highest growth over the last decade at 74%, an average increase of £204,400. By comparison, Belfast and Aberdeen house prices are virtually unchanged since 2009.
According to Zoopla the average house price growth across 20 cities surveyed is 3.4%. In London the average house price is up 1.7% annually in November 2019, to £479,000, with the rate of inflation picking up due to a fall in supply and an increase in sales from a low base.
This is better news for buyers, revealing a 10% increase in affordability in London since 2017, as the house price to earnings ratio has fallen to 12.7. However, the capital remains the least affordable city.
Glasgow is the most affordable city in the UK; average house prices here are three and a half times higher than average earnings. Cities in the south, where property has previously commanded higher prices, are seeing slower growth.
The coming year
Zoopla forecasts UK cities house price growth of around 3% for 2020.
The most affordable regional cities are expected see growth of 4%, whereas house prices in London are set to increase by just 2%. The Midlands cities of Leicester, Nottingham and Birmingham are predicted to perform at around 4% growth, while those in the north, including Leeds, Sheffield, Liverpool and Newcastle, are expected to fare on average just above 3%.
Despite the recent General Election result, affordability pressures are predicted to remain a constraint to demand and the scale of price growth in 2020.
For home hunters – particularly first-time buyers – this is a good time to find value for money if you can get your funding together and will allow your investment to grow.
Tips for online home hunters
· Start your online property search with a clear idea of your budget and location.
· Know your credit score. Consult a financial adviser or mortgage lender to ensure you have optimum funding.
· Make a list of top priorities, whether this is good local schools, amenities, transport, or simply an open plan kitchen or en suite bathroom
· Decide whether you want a ‘do-er upper’ or a pristine renovation?
· Be flexible over the kind of property you are seeking and also visit areas you are unfamiliar with to broaden your net
Want to sell?
If you’re thinking of selling, now is the perfect time to test potential interest. To ensure your property is properly priced, get a free and instant online property valuation with OnlineEstateAgents.com and seek advice from our expert team of independent property professionals.
For further information about homes for sale online contact Online Estate Agents Ltd; on 0330 1244 786.
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