Buyers of UK property are taking advantage of an opportunity window, with transactions increasing month-on-month.
- Demand for UK property continues to increase, with a 6.5% month-on-month rise in property transactions
- With the result of the EU referendum removing any uncertainty from the property market, investors have regained confidence
- Investors have a once-in-a-lifetime window of opportunity to purchase UK property for less
The number of new buyers entering the market last month increased across the whole of the UK, with a 6.5% month-on-month rise in the volume of property transactions.
Many investors and homebuyers no longer feel the need to delay transactions now that the uncertainty of whether the UK will ‘remain’ or ‘leave’ the European Union is finally over.
Paul Smith, CEO of Haart, said: “Despite last month’s political turmoil, it seems buyers aren’t being deterred by the noise. We’ve actually seen a bounce in transactions in July, with a lot of buyers pressing ahead with their purchase now that the referendum is over.
“Prices have dropped slightly by 0.9% across the UK, and have fallen 5.6% in London, showing that sellers are cutting deals to bypass the uncertainty in the wider economy, and plucky buyers are taking advantage. Nevertheless, prices in London and across the UK both remain significantly higher than they were at the same time last year.”
The minor decline in property prices coupled with the falling sterling leaves investors with a rare once-in-a-lifetime opportunity. With expectations that prices will begin to climb within the next 12 months, international investors from dollar-pegged countries can purchase property for significantly less than they could just two months earlier.
As fundamentals of the UK property market remain unchanged, this window of opportunity for investors may close relatively quickly as demand continues to place upwards pressure on prices.