Greycoat real estate specialists inform how the housing market in the UK suffered its most significant drop in over 14 years. Several factors are at fault, including the usual summer slump and high interest rates. Recent data reveals that property prices are down by approximately 4.6% from last year. For sellers, their house is now worth £14,000 less than a year ago.
Some experts in the real estate industry believe the housing prices and slump will continue into the new year. However, others are a little more optimistic. Greycoat Real Estate believes it is not time to panic. Instead, it is time to be strategic if you want to buy property right now.
Now, those currently searching for a home need to be more flexible and accept how things have changed. Knowing your budget and willing to expand the area you would consider owning a house could be the answer to finding a great deal. Greycoat specialists will guide you throughout the whole process.
There´s more information on this. Another factor that is in a buyer’s favor, according to the Greycoat Real Estate agency, is mortgage lenders are competing for business. As a result, mortgage rates are going to go down. The lower rates will help to take the pressure off of buyers. If buyers start buying again, houses will be in demand once more.