It’s the moment many of us have been waiting for. According to the latest figures, house prices are on the rise. Those who have been desperately holding out to sell will soon be given a golden opportunity. Those who are keen to invest should buy before the prices rise even more. Let’s take a look at the current house market trend, and what it may mean for the general public.
According to a report by Reuters, British consumers are playing a big part in rebuilding the economy. An industry survey showed that retail sales were up by quite a large amount, especially in the furniture industry. It seems as though there has been quite a few big changes in the way people are spending their money. Perhaps more people have savings tucked away or maybe we’re all just being frivolous. With house prices rising, more people are keen to work on the property they have. This means that you’ll see plenty of people investing in construction services and furniture, from here on out. Everyone is preparing to sell on and make themselves a profit.
The housing market is currently perfect for second steppers, according to Property Wire. As the prices begin to rise, it becomes easier for previous first-time buyers to purchase their second home. The second step on the housing ladder, as it were. Their homes are no longer in negative equity, which ensures they can sell on and make a profit. That profit is then put into a second home. This, in turn, boosts the house prices yet again. This is when we get what is called a housing boom. Although it may take some time to see anything like our last housing boom, it is definitely on the way.
Many estate agents have been steadily increasing their house prices over the last few months. The general consensus is that things are on the up, which is what they then advise their clients. The clients wish to list their homes for more money, and the average price begins to rise. You can see more about Hamptons estate agents and their average prices online. Other estate agents may also provide the same information for you to gauge rough estimates. While the rental market seems to be stabilizing, the price of buying is definitely rising.
Perfect Time to Buy
Technically, now is not the perfect time to buy. The perfect time to buy would have been during the crash back in 2008 and onwards. However, if you’ve been considering purchasing a new home then now is the time to do it. A house market boom can last for quite some time. Prices will be at an all-time high and practically unaffordable for first-time buyers. Even with the various help to buy schemes available, not everyone is going to be able to afford to buy property. And not everyone will want to. Knowing that the prices are high generally puts new buyers from investing their money. Most will wait until the prices drop again, to ensure they don’t end up with negative equity.
All of the signs point to another housing market boom. Now would be the most sensible time to invest in property if it’s something you’re considering. However, leave it too late and you’ll have to wait until the next crash.