With 2018 upon us, it is natural that people are looking at the property market and wondering what the New Year has in store for us. One of the issues about the UK property market is that there are so many different factors impacting on the market and influencing what is likely to happen. When you have so many different factors influencing the market, it is difficult to say for sure what is going to happen next. However, you will want to make sure that you know what issues are likely to cause changes in the market and the following factors will impact on the UK property market.
At Spencer Harvey, we are focused on the Stockport property market and the Greater Manchester area. However, the factors that influence the UK property market as a whole also impact on the local market, and this is why we take interest in what is happening. There are a number of factors that impact on the market and in 2018; these are going to the issues to look out for.
Interest rates will rise but they’ll stay low
It is important to be aware that further rises in interest rates are tipped for 2018. Some people predict the rate will reach 0.75% by late spring and some sources suggest that the rate may reach 1% by the end of 2018. In comparison to the October 2017 rate of 0.25%, this is a big jump if it pans out.
However, in the grand scheme of things, there is no denying that the interest rate is still at a low level. This is why there is still cause for optimism in the market but it will make sense for people to review their finances and ensure that they are confident about what is coming next.
More homes should be available
It is hoped that the number of homes being built will rise in 2018. This will be good for the economy and there is no denying that there has to be more homes being supplied to the market. This is why this news should be positive and of course, if people decide to leave the country in the wake of Brexit, the nature of supply and demand may change considerably in 2018.
First time buyers tipped to beat out landlords in snapping up homes
It is expected that the recent moves and changes in the property market will lead first time buyers to gain an advantage over landlords. This could help people get on to the property ladder, which could have a very big impact on the property market in 2018.
If you would like to talk more about Stockport property options, you will find that we are the local experts you can rely on. You can give Spencer Harvey a call on 0161 480 8888 or send us an email at info@spencerharvey.co.uk. For a free valuation please visit: https://www.spencerharvey.co.uk/valuation-enquiry.html