Prior to Brexit, there was a lot of fear and uncertainty in the market and many property experts predicted that prices would grow dramatically causing a crash. There are many ways in which the market has shifted and as anyone looking for a house to rent in Stoke in Trent in 2020 will notice, things have changed.
Here’s what you need to know about the property market of the UK in 2020.
A lot of people think that right now is the best time to buy. Why do they say that? Firstly, because a lot of landlords, due to the burden of taxes that were not previously theirs to shoulder are selling their properties This along with other resolutions making commercial property taxes a lot more strict have made property business a lot less profitable for landlords and many of them are selling their properties. This is not to say that property business isn’t a fruitful one in the UK. The stakes have changed and there is a lot more transparency required in the business which will in time improve the way the market works for everyone. There are at the moment a lot of houses for sale which means that there are a lot of available options at reasonable prices that anyone looking to invest in property can take advantage of. And yes, now is the best time.
The way property business work has evolved over time along with a dramatic shift in lifestyle. There are fewer people looking to buy a house to live in and more people looking for rooms to rent in Stoke on Trent or studio apartments. This is because of the fast nomadic lifestyle that we see so much of nowadays. A lot more people are opting for simpler lives with less clutter and responsibilities and all of this affects the way property businesses operate. In general, you will see more one-bedroom flats on the market. There will be advertisements for individual rooms in houses and from HMOs to Airbnbs there are so many newer models of housing and living coming up that the demand for a traditional house with a lawn is fading out while newer markets of property emerge.
Property is expensive. Although the increase in prices has been quite slow, cities are becoming denser and denser and there are more housing units being rented out and occupied. There is a general scarcity of land which is evident from the fact that in busier cities such as London it is nearly impossible to have an outdoor space such as a shed or a balcony on a budget. People are renting out smaller units and flats because firstly that is the most they can find and need for their lifestyle. But another reason for this is that this is all they can afford. There is a widening gender rent gap at play which is a statistical disparity between the kinds of accommodation that men as compared to women can afford. Not only are women living with more roommates because of the inability to afford the rent alone, they are also pushed into neighbourhoods that are unsafe and uncomfortable because it adds up to the rent they have to pay.