Why it is now profitable to buy a home in Great Britain
Housing in the UK is becoming more affordable for customers. The main factor, experts call the growth of wages while slowing down the cost in the real estate market.
Now it is much easier to buy an apartment or house. Studies have shown that this situation is the first time in 8 years. This fact creates ideal conditions for the real estate market development. Political instability does not frighten investors and developers.
Now a house in the UK can be purchased for 300715 pounds, which is 0.2% more than last year. During the same period, the salary level grew by 3.4%. This picture is a new turnaround for the segment, as it is completely different from the situation that has been observed over the past 20 years. At that time, the rate of value growth on the real estate market was incommensurable with the rate of wage growth, which was extremely slow. But everything changed, and now housing in the UK has become much more affordable for citizens. Now is a great time to invest in objects that will bring a stable income.
Another reason to get your own house in the state are favorable conditions for obtaining a mortgage and low annual rates. But another problem arises – limited supply at the market. Therefore, developers take the opportunity and actively implement new projects in the hope that they will bring profit.
Analysts predict that in the near future the residential real estate market will see a rise. Everyone is waiting for the outcome of Brexit, when more builders and developers will be able to make themselves known. However, it should be understood that the first period after graduation from the European Union, the country will need time to recover, which means that improvements at first will not be as tangible as we would like. The role is played by the inertia of stagnation in which the segment has been stagnating for the past few years. But once the political picture in the country is clear, the market will stabilize. In addition, investors will see positive trends and start actively investing in objects. Experts hope that next year UK real estate will change the vector of development.
In 2018 the country, and especially in London, there was a decline in demand for luxury housing. This was the reason for a slight decline in prices, but this year no significant fluctuations are observed. A rise in price per square meter in the capital – by about 3% from last year’s figures was recorded.
Despite the fact that apartments have become more affordable for the local population of Great Britain, London is increasingly interesting for foreign investors. Moreover, they buy both residential and commercial real estate.