The UK real estate market can be an incredibly competitive arena for seasoned investors and prospective homebuyers looking to jump on the property ladder. Robust consumer demand has contributed to the steady rise of house prices over the past decade, with the onset of Brexit negotiations and appointment of a minority Government failing to deter investor appetite for UK property in both established urban centres and regional cities. Figures from the Office of National Statistics revealed that the rate of house price growth rose to 5% in August 2017; as a consequence, the average UK house price now stands at £226,000.
At a time when there are 11 house-hunters for every residential property up for sale in the UK, the market has never been more competitive. To help satisfy the vast competition, there is currently a significant focus on construction – the number of homes being built in England is currently 21% higher than last year, a number not seen since the financial crisis a decade ago. To tackle demand, the Government anticipates a minimum of 275,000 to 300,000 new homes will need to be built each year to alleviate market pressure.
Nonetheless, the pressure on property investors and homebuyers to overcome rivals will remain high. To that end, MFS has commissioned an independent, nationally representative survey among more than 2,000 UK adults to show what homebuyers believe are the keys to success in the competitive market. This timely report offers valuable insight for anyone seeking to enter the property market along with seasoned investors keen to expand their real estate portfolio.
Within the report we address such questions as:
- How important is immediate access to finance when bidding on a property?
- What type of property attracts the highest levels of competition?
- Should people be worried about gazumping when trying to buy a property?
To find out the answers to these critical questions, download our new report today.