“Our house, in the middle of our street…” – Suggs
Happy New Year guys – and welcome to another year on planet Earth.
As we are in officially in 2018, we thought we’d give you a few tips on quashing your [insert item that you’re giving up] cravings to help you with those New Year resolutions – but then we thought, loads of people will be doing that.
So, here’s a quick glimpse at the UK housing market instead:
- According to a Nationwide index at the end of 2017, UK property price growth fell back into negative territory after two consecutive positive months during the summer. The report showed month on month falls of -0.1% in August. Growth rose to 1.1% in August and reached around at least 1.5% by end of the year. Experts say that Brexit has a little something to do with this slow growth.
- In some areas, London house prices fell flat and in some areas, have even fallen, bringing the national average down. But, property pundits believe that property prices will pick up as 2018 rolls on.
- In October 2017’s budget, the Government scrapped property purchase tax (the dreaded Stamp Duty) for many first-time buyers as the flagship measure. This initiative is a bid to tackle flagging home ownership among young people who find it increasingly hard to buy their own home – particularly in the Big Smoke. This, along with an increasing number of Help to Buy developments cropping up in and around the capital, could see the first-time buyer’s market becoming more buoyant this year, and beyond.
- At present, almost half of London sellers have cut their asking price due to a stagnating market. But, as we’ve said, if you currently own a place in the Big Smoke, by the end of the year, you could be in a far more prosperous position.
The housing market is an ever-changing, twisting. turning, hollering, spitting and unpredictable beast – but what these trends and predictions tell us (on a very basic level) is that if you’re trying to sell your London property, you might want to hold onto it for a while. On the flipside, if you’re looking to buy your first home in the big city – with slowing values and free stamp duty, if you strike soon, you might be onto a winner.
We’re by no means property experts, but we hope this has given you a little snapshot of what to expect this year.
What we are experts at is London self storage solutions. We have three brilliant city locations filled with premium units and the promise of amazing customer perks, so it you are buying, selling moving or shaking this year, please do get in touch.