Buyers - seize the moment
- 14th June 2017
- Buying Property News
Hung Parliament will offer opportunities in London’s housing market
For any individuals thinking about getting on or moving up the property ladder, now might be the time to purchase property, as the latest data shows that house price growth rates in London cooled to 3.5% in April this year, down from 13% in April 2016.
Reassuringly this means house prices are still rising but at a steady rate, indeed the lowest level of annual growth recorded in the last five years.
However, the continued imbalance between supply and demand remains a fundamental reality in London and still drives speculation on London house prices.
Indeed, prices, according to some recent research, may rise by nearly 12% in the capital by 2021*, which in turn implies that now might prove to be the best time to purchase property over the next few years.
Even with the prospect of a minority Conservative government, the imbalance in the supply of property is unlikely to change. Targets for building houses have been backdated to amount to a total of 1.5 million between 2015 and 2022.
These plans are likely to not fill the housing deficit in London – in fact, it may grow from 139,919 homes this year to 288,623 by 2022.
All this points to a fundamental long-term supply and demand imbalance in London, meaning the likely continued consistent, steady price rises for London property – making now the time to buy.
Stephen Ludlow, Chairman at ludlowthompson, comments: “If you’re looking at buying property in 2017, the blip in house price growth suggests the best time to buy may be now - particularly as attractive mortgage products at competitive rates remain readily available.”
“There is a very good chance that house price growth will pick up once again in the short term, and with some commentators predicting higher prices across London, over the next three to four years, there’s every reason to look seriously at buying for the first time or indeed trading up soon.”
If you’re looking at buying property in 2017, the blip in house price growth suggests the best time to buy may be now
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