Even though interest rates are at historic highs, now is a great time to buy in the U.K., as Greycoat informs. According to the latest market research, prices are expected to fall by another 7% through the rest of the year. Because central banks have embraced an aggressive policy of raising interest rates to fight inflation, there are fewer buyers in today’s market.
When less people are shopping for property, prices naturally fall. As Greycoat states, although not all areas experience the same rates, bargain hunters are sure to find a deal.
This, as long as the situation remains the same. Investors who are looking to cash in on the current trends should bear in mind that prices in the rental market are increasing. Fewer people are buying, which means that more people are entering the market as renters, Greycoat assures.
This situation is expected to remain the same for the rest of this year and into next year. With a strong labor market, residents are earning plenty of money; they’re just priced out of buying by the high interest rates (Bisnow).
According to the knowledgeable team at Greycoat Real Estate agency, the country market is a little different than what’s going on in London; during the pandemic, buyers rushed to find a place outside of London and the city center. This drove prices up by as much as 20%. Now, demand is higher in the city, and demand in the country has dropped. If you’re looking to leverage the current market conditions for your benefit, keep in mind that it’s a great time to invest in rental property.