The home market in the United Kingdom, according to property experts, “cannot continue on rising forever.”
PROPERTY experts have issued a dire warning about the UK housing market, suggesting that it “cannot keep increasing forever.” The United Kingdom is currently witnessing one of the biggest housing shortages since 2015, with the country “running out of properties to sell.”
The housing market has exploded in the last 18 months, as purchasers have wanted greater room both inside and out. Many homeowners have found themselves with additional capital as a result of more people working from home and spending time in their homes. The stamp duty vacation, which started in July 2020, boosted demand and pushed up prices.
According to Zoopla, house prices fell for the first time this year in July 2021, with property availability at its lowest level since 2015.
Buyer demand has remained robust despite a shortage of home supply.
In fact, compared to last year’s average, home availability is down more than 26%, leaving potential buyers competing for the most in-demand houses.
Total listings are down 33% from this time last year and this year.
Surprisingly, one in every twenty residences in the United Kingdom has changed hands in the last year.
In light of this, three property specialists from various parts of the market have given their forecasts for the months and years ahead.
Individuals have paid “over the odds” on property this year, according to Simon Bath, CEO of iPlace Global, a tech platform that helps people relocate home.
Buyers have also spent more money on moving since firms have increased their fees in response to growing demand and a scarcity of resources.
People rushed to meet deadlines during the stamp duty break, leaving them less time to search around for the best bargain.
Mr Bath went on to say, “Now that most of the savings from the SDLT holiday have gone, consumers won’t be ready to pay exorbitant prices for removal men, skip hire, and the like, and will instead wait till the market settles.”
“As a result, the market will continue to settle, and we expect to see a gradual, continuous drop in demand, as well as a leveling off of property prices.”
This year, the property market reached “dizzying heights not seen in decades,” according to David Hannah, a property tax specialist and principal consultant at Cornerstone Tax.
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