The last few years have been challenging for the UK housing market, but recent reports from the Centre of Economics and Business Research (CEBR) have shown that the property market may finally be looking up.
As the economy continues to recover there is a new sense of optimism in the UK housing market, which will continue into 2015. As the year draws to a close we take a look at what the property market will look like over the upcoming 12 months.
House prices will fall in 2015
After growing by 7.8% this year, average house prices across the UK are predicted to dip by 0.8% in 2015, according to the CEBR. While we will see this across the nation, the most dramatic losses will be felt in the South, predominantly in central London where prices are set to fall by 2.6% next year – the first decline since 2009.
Properties are staying on the market for a little longer and enquiries from buyers are beginning to decline leading to the decrease in prices of certain areas. Affordability has become a real issue in some parts of the country, with many buyers not being able to shell out the high prices and therefore choosing not to move. This could all change in the New Year, as price rises start to slow and more potential buyers become aware of initiatives such as Help to Buy, which are aimed at helping people on to the property ladder.
With this in mind, the Newton & Co team are expecting to be extra busy in 2015.
Technology will help to sell
Estate agents will integrate technology into their processes much more in 2015.
While we are a firm believer that there is nothing better than showing a client a property first hand, we also understand that sometimes time constraints render this impossible. That’s where technology will step in to support the housing market.
A more interactive approach, such as putting a virtual tour of a house online, will make it easier to sell a house quickly as buyers can instantly see every nook and cranny of the property. While it is essential to view a property to get a real feel for its character (nobody would ever buy a house without visiting it first, surely?), a virtual tour is great way to secure people that are genuinely interested in the sale, which can save you more time and money in the long run.
Estate agents will also use a more holistic approach, such as hosting open house viewings to attract as many buyers as possible to a viewing. While we often hear that the housing market is becoming too exclusive, with many people finding it hard to stump up enough money to purchase their own home, that couldn’t seem further from the truth in our offices, as we continue to help hundreds of people to find their perfect home and will continue to do so in 2015.