Business is tough as usual for all prospective homebuyers in the UK, with a little more than half of all households owning their home in 2015 and the remaining half privately renting it. Challenging conditions such as the constant and steady rise of house prices are making it hard to get on the housing ladder. Property investors still hold the reins of the whole market with quick sale houses opportunities that are never lacking all across the country: here are some up and coming areas to watch out for.
Housing market prices in Scotland (Glasgow, Edinburgh and Perth) are set to rise by around eighteen percent over the next five years according to property specialists. Edinburgh in particular with an average house price of £246,157 is catching up fast with London prices. In 2015 alone, the market rose by an impressive 10%. Desirable areas such as Morningside and New Town are driving the capital’s prices up thanks to a unique Georgian architecture. Glasgow is having a slower rise with around 5% rise last year but it remains a very active property hotspot in the aftermath of the 2007 market crash.
Prices are set to be hiking too in the Bristol area over the next few years: it is one of the fastest growing tech scenes in the UK and housing demand is skyrocketing, also fueled by new housing developments and a governmental Help to Buy scheme that make is easier for first time buyers and homemovers in England to purchase a property for up to £600,000 with a small deposit.
With an average buying price of £328,044, Greenwich is well located just outside the London area. The area boasted a 25% rise in 2014: that is almost three times over the national average of 8.5%. Specialists attribute this sudden boom in the market to an increasingly high number of professionals from West and North London moving to the area hoping to find more bang for their bucks. Easy commuting to and fro the capital is also a huge incentive for people working in the City or in the Canary Wharf area.
A lot has been said and written about the insane property market in London, with prices rising by the day. The trend may now have reached its peak, with a residential property average of £514,097 at the end of 2015, but some specialists believe another housing market bubble awaits. An article published recently on Forbes.com reveals that a great number of Russian investors looking to extend their reach into London in order to avoid taxation might soon be driving the prices up again.