People are always looking for signs to be optimistic about the UK housing market. It has been a severe number of years in the market, so anything which suggests people and lenders has confidence is a great thing. Therefore, the recent Bank of England figures are welcomed by many looking in on the market.
The level of UK mortgage borrowing increased in June. It would be wrong to state this is a clear indication of significant changes in the property market, but it does indicate there is some stability.
Approvals for house purchases increased by 800 in June 2019, rising to 66,400. This figure is higher than the number predicted by analysts. It is also above the 60,000 monthly rate which was projected by the Bank of England in May’s inflation report.
Many external factors influence UK housing market
There have been many external influences shaping the UK property market of late. House prices have slowed in many areas, and for the media, the falling house prices in London have been worthy of considerable focus and attention. The London property market is essential, but it is far from the full story when it comes to property in the UK.
While there will be challenges to come in the market, the recent data polled by RICS should help some people to be more optimistic about the market.
A range of factors has influenced the increase in consumer confidence of late, including:
- Record employment figures in the United Kingdom
- Modest Tax cuts
- An increase in public sector pay
- The most recent increase in the national minimum wage
Anyone of these changes by itself isn’t likely to be enough to make a massive change, but when various factors happen at the same time, people’s mood can improve. Therefore, there is a need for this optimism to be supported and capitalised on.
People need to make informed property decisions
There is also a need for people to be sensible about their choices. Yes, there is a chance to make a suitable long-term investment right now, but it is helpful to choose the ideal location. The north of England offers more benefits and the opportunity to enjoy a higher return than the South.
There may be personal or professional reasons why a person cannot invest in the North of England. If that is the case, that’s fine; you have to make your own decisions based on your circumstances. However, for people with more freewill over where they go next, the North of England may be ideal.
With convenient transport links to the centre of Manchester, and significant developments taking place, Stockport is the ideal place to buy, live or invest. As Stockport property specialists, we want to ensure you stay in touch with the latest property news. If you are looking for assistance in this area, give Spencer Harvey a call on 0161 480 8888 or send us an email at info@spencerharvey.co.uk. For a free valuation please visit: https://www.spencerharvey.co.uk/valuation-enquiry.html