Keeping up to date with the latest trends and changes in the UK housing market is absolutely vital for investors and buyers to make consciously savvy purchasing choices. When it comes to the modern property market, there is a consistent plethora of new information all the time. Making sure you have a good understanding of the trends we are seeing across the property market is a fantastic way to remain as aware as you possibly can be about the market and any changes that we can foresee happening now.
The rapidly consistent rise in prices across the housing market is looking to continue. Nationwide have reported that there has been a 12.1% annual growth in prices, bringing the selling price average to a whopping £267,620. Commentators have been surprised at the extent to which the sector is buoyant in the face of such affordability issues.
Demand is reportedly being largely supported by the robustness of labour market conditions at the moment, with growth in employment remaining strong and an unemployment rate that is gradually falling back to pre-pandemic levels. Despite this, it remains surprising that conditions within the market have remained as buoyant as they have, especially given the increasing pressure on household budgets that has severely dented confidence of consumers.
Returning to city centres
Another notable trend that we are seeing come to fruition is the gradual slowing down of the much-publicised ‘race for space’ trend seen as a consequence of the pandemic. A survey conducted by Nationwide recently found that the proportion of individuals who were looking to escape from urban living has substantially declined. The results found that just 12% of UK movers were prioritising this for their next move, compared to 15% from last year. Many are commenting on the fact that the return to urban areas, including city centres, after a hiatus of two years, and the demand for more face-to-face interaction could reignite the UK’s previous love affair with cities such as London.
Holiday homes and short-term rentals are another trend that is rapidly expanding this year. Prospective buyers and property investors can continue exploring this avenue with as much confidence as ever. The second home and staycation boom that many seaside towns experience is also remaining as steadfast as ever. This is making quaint British towns a top priority for many buyers too and we are seeing the market lean in this direction.
Some key drivers behind the shift towards staycations over other types of endeavours are the environmental reasons, which are becoming consistently more important to a growing group of people looking to explore an eco-friendlier lifestyle. A report by Mintel found that half of all UK adults were planning to take a domestic holiday in the 12 months that would follow on from August 2021. 18% of these wanted to also limit their carbon footprint, and the property market is now seeing the positives coming out of this boom. Further adding to the environmental aspect of the conversation, the survey also found that 28% of UK adults would prioritise the environment now more than they did before the pandemic.
Farr and Farr Property Services are Gloucester’s longest established independent estate agency with five branches in and around the Gloucester area. We are a modern estate agency with traditional values and help you with buying, selling, and renting properties of all kinds.
If you would like some more information, take a look at our website www.farrandfarr.co.uk or take a look at our local branches here on our website, where you can find out more about us and what we stand for.