The UK’s real estate market, although suffering due to the complete lockdown from last year and the current lockdown which is set to ease up from March, is showing positive signs.
Well, the UK government took all the necessary steps to shut down certain sections of the market all the while ensuring that the housing market gets a proper restart.This was essential as people need homes as it not only shields them from uncertainties but also allows an individual to make ends meet through side incomes emanating from rental properties.
The effects of the pandemic as well as the lockdowns will continue to show in the UK’s economy for years. However, according to the opinion of a renowned agent associated with real estate transactions surrounding Wirral homes, this pandemic proved to be a boon for people who want to invest in the nation’s real estate sector.
So, what are the factors that are proving to be positive for a real estate investor or for an individual who wants to buy a home in the UK right now?
Well, there are many.
Some of them are as follows –
Property prices are predicted to grow
As per the forecasts from revered real estate agencies in the UK, the prices for homes in the UK are set to rise by more than 15 per cent by 2024. Hence, this is the right time to buy a home or invest in a rental property in promising regions in the UK such as the Wirral peninsula or London.
Properties in the near future will be out of reach for many hence interested individuals should hurry.
Rents are set to increase
Okay, since the prices of properties are set to rise, it is also evident that the rents for properties on rent will also increase. As per experts, promising areas in the UK that tenants prefer such as the Wirral and the West Midlands should witness an increase in rent from rental property owners within the 11.5% to 12.5% range by 2023.
This is great news especially for people who want to own a property that they can put up for rent in a bid to have some cash flowing from the sides as rental income.
Interest rates are low – for the time being!
The lenders of the UK had made two consecutive cuts in the interest rates on mortgage way back in March 2020.For instance, the base interest rate offered by the Bank of England remains at 0.1% – which is historic.
The reason for this generous step from lenders is simple – they are offering competitive interest rates on their mortgage schemes along with a plethora of other similar products in a bid to attract new clients who have had plans to purchase a home.
This situation is not here to stay hence, interested parties should get in touch with renowned real estate agents and procure their dream home right now before mortgage rates go up again – which will happen soon!
Apart from the appealing reasons mentioned above, in case you are an international investor interested in purchasing a property in the UK, you should go right ahead. The reason is simple – the weakened pound. This will allow you to save a lot of money in a real estate transaction. For more details, feel free to get in touch with a renowned real estate agent associated with the UK real estate sector.