If you are looking to purchase any property this year in the UK, you should consider what types of changes that this year is expected to bring. For the year 2018, there are at least 5 things that are currently affecting the way the UK property market is performing. Some of the most important are provided for you below.
- Interest Rates Are Expected To Remain Low
One of the main influences on today’s property market is the interest rates. Since the interest rates are expected to remain low and not any percentage rates higher, homeowners will be getting a break in this area. However, because the economy is still weak, the mortgages for many can still be a financial burden. Especially, due to the fact that the wages will not rise accordingly.
- Letting Agents and Landlords will Lose Position Because Of First Time Buyers
In 2018, first time home buyers will begin to have an advantage over those who are seeking to encourage renting. With the Council of Mortgage Lenders looking for a fall in buy to let financing, home buyers will benefit greatly from a tip in the balance on their favor.
- Letting Agents Fees Will Fall
In recent years, the rent increases for renters have been continually on the rise. In many situations, the landlords were finding additional ways to raise the rent in areas all over the UK. Unfortunately, with the lack of raises in salary, this has been a great hardship on renters. So, the government has been working on a fix that will provide renters with the financial relief that they need. To help in solving part of this problem, the government is considering putting a ban on the letting agents’ fees in order to slow down these financial issues.
- Help to Buy Schemes
To leverage the competition in property purchases and give the prospective buyer a chance to purchase their first home, people can expect to see help to buy schemes in the near future. This type of initiative will help to reduce the financial burden that is usually required to purchase a home. So, those homeowners who are interested should look into what is available in order to decide if these programs are a good fit for their needs.
Buying property in the UK is currently being influenced for a wide variety of different factors. Hence, people should do their research prior to making a decision on when and what type of property that they are interested in. Fortunately, there are several changes in the works that can make a significant difference in what kinds of homes will be available.
Four of the most notable in this article involves using a help to buy scheme, reducing letting agency fees, promoting greater opportunities for first time buyers and the dependence of lower interest rates.