In these blogs we want to explore the state of the UK housing market on a monthly basis, bringing you the latest news and trends from the world of renting and buying properties. We will look at the rental and buying sectors and bring you some thoughts and comments from our two experts in the know- Sales Manager Nadeem Maqsood and Lettings Manager Aaliyah Joumar.
How things have developed in October
Over the past 18-months, home sales have sky-rocketed due to a combination of economic growth, low interest rates and a rise in mortgage approvals. The pace of sales has gathered particular speed over the summer months.
According to the Bank of England, housing prices continued to climb over the year, with average properties selling for around £202,859 in the month of September. However, month-on-month they dropped after August.
While property prices dropped slightly in the month of September, this should not be given too much notice, as monthly figures are far less indicative of overall trends. Quarterly comparisons, are much more reliable indicators of underlying trends in the market.
The continued rise in sales is undoubtedly connected to the spike in mortgage application approvals, which increased for the third successive month in August.
A more buoyant economy and increases in wages at the higher echelons of society, is creating a climate where lenders are much less reluctant to grant mortgages, than they were 18 months ago.
A word from our experts:
Sales Manager, Nadeem Maqsood, had this to say about the housing market at the moment:
“Contrary to what people are hoping to see, there seems to be no let up in the housing market. The million Dollar question which seems to be on everyone’s lips, is when will the wheels come off this current growth train?
Buyers are currently ever determined to get there hands on that elusive property and are are willing to pay, in some instances over the odds for that ideal home, further fueling the market. This may lead to many happy vendors and possibly an ideal time to cash in for a lot of people, but at the other end of the spectrum there are lots of first time buyers struggling to get on the property ladder.”
“The local rental market has remained steady, with prices still at a high level. This is due to a high demand and a shortage of available properties. Walthamstow is no longer London’s best kept secret. The word is out there that this is a prosperous and dynamic area, in which to live and renters are queuing up to move in.” says Lettings manager Aaliyah Joumana.
She went on to comment on how, at Waltham Estates, we have seen a continued high level of interest from prospective renters, who are keen to reap all the benefits that Walthamstow has to offer.
At Waltham Estates, we cater for a range of different clients, from first time buyers to professional landlords. We study the market carefully, making sure we stay abreast of trends and developments, so we can provide up to the minute advice for all our clients. We are proud to be serving the communities of Leyton and Walthamstow.