The housing market in many first world countries are recovering at varying rates, though they all share a common trait: rising prices. The prospect of facing rising prices is a common prospect, especially as entire United Kingdom faces rising housing prices in the coming years.
A 'rise in price'
According to several UK housing resources like Savills, the housing market throughout the United Kingdom may experience a rise in price during the next five years, an increase that's expected to eventually reach an estimated 25 percent.
This expectation has been 'forecast' by the aforementioned resources, just shy of the property market drifting away from being 'sluggish' over the past year. Now, people involved in the housing market fear that there might be a new 'housing price bubble' emerging in the coming years.
Despite the sluggish nature of the market slowly coming to an end, a new type of 'sluggish' activity is emerging—and it has everything to do with price.
Housing prices across the United Kingdom were said to have risen about '6 percent on a yearly basis,' something that translated to the average property value gaining another estimated £1,200 during the fall season.
Savills, as mentioned, also released a report predicting the state of the housing market over the next five years.
They're the resource that called the 25 percent increase in housing prices for Britain properties, though some areas within the UK are expected to surpass that estimate. Some areas are actually predicted to experience an increase ranging from the aforementioned 25 percent to as high as 31 percent.
The housing slump
The sluggish nature of the housing market can be attributed to the rising prices and the decided 'lack of interest' that quick home buyers have in the market at this time.
Due to the fears of a new housing bubble emerging, property transactions were said to stay 'a third of what the statistics of UK property transactions in 2007 showed.' The rising prices across the board have also deterred people from seeking homes in the open market.
In addition to the lack of livable wages, others have low or little to no available equity, leaving them in a situation that doesn't bode well for moving at all.
Although some property buyers
can afford to pay the lower mortgage rates nowadays, many housing resources predict a rise in mortgage rates in the future, which might cause additional problems. Some homeowners may fare better selling their homes instead of keeping the property, especially considering the sluggish nature of the market nowadays.
Rather than wait for the market to 'come around,' some homeowners are seeking the assistance of companies who help them sell their home fast for cash. Since they don't have to potentially change their homes price to gain a sale, homeowners can get properly compensated for the suggested value of their home with the help of these companies.
Selling your home to a company that will buy it for cash is one option to get out of the 'sluggish' UK housing market. While buying a home might be difficult in the sluggish market, selling one might be easier, thanks to the available options and quick home buyers looking for a better deal.
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