The property market around the world is a living, breathing, constantly-evolving thing. The property sector is influenced by a lot of factors, most notable of which are the economies of different countries, trade relations, demographics, buyer preferences, and expectations, and so much more. But in the UK, the property industry continually grows and evolves as well – and today, the UK property market has a lot in store for it and a lot which can influence it, including Brexit and its effects, the continuously changing UK demographic structure, and various technological advancements as well. So what does the future of housing look like in the UK? Here’s a look at the latest housing and property trends in the United Kingdom.
It is less expensive to buy than to rent
Despite many people still choosing to rent property, evidence shows that buying a piece of property is cheaper compared to renting one. Here’s one fact which proves the point: according to research from Santander, the average rental cost per month in the UK is at around £910 per home, and this is higher compared to the average repayment per month for a first-time buyer, which comes to approximately £720.
The online market will continue to expand
Nowadays, more property buyers and sellers are opting to go online for their needs. Going online to look for property to buy or to sell property is a lot easier than going to a high street agent due to the ease and with the added convenience of a reliable and high level of service. Another reason for the increasing popularity of estate agents online is the fact that you can easily contact them at any time and they are more flexible compared to high street agents. Additionally, online estate agents can offer face to face consultations with local property specialists, and, more importantly, they offer lower rates.
More homeowners in the UK
Despite climbing house prices, the number of homeowners in the UK is growing. In fact, UK homeowner numbers have increased for the very first time in a 13-year period. One probable reason for this growth is the UK government itself. Following the crash in 2008 which resulted in a big gap between property price and wage, the government made it a point to make homeownership more accessible to many. For instance, it came up with the Help to Buy scheme, and it facilitated Stamp Duty rate reductions as well.
New builds are in demand
Today, newly-built properties are a lot more in demand compared to old properties. More first-time home buyers and investors are choosing new builds, and one main reason for this may be their enhanced energy efficiency. Potential homeowners know that they can save more on their utilities when they go for a new build compared to an existing, older piece of property.
Living in Space
And speaking of new builds here’s one interesting snippet: with space tourism becoming a thing, especially with Elon Musk’s SpaceX, the concept of property in space (namely Mars) isn’t so far off any longer. Properties in space can be a reality in a few years, complete with state-of-the-art features such as virtual intelligence assistants that assist in cleaning, cooking, and recycling, and bedrooms featuring assisted gravity control and virtual windows. It may not be here yet, but who knows what the near future will bring?
Courtesy: House Network
And whilst living in space may come with its own sets of challenges, such as the feeling of isolation and other physical and logistical challenges as well, we can all honestly say that a future home in space isn’t too far off as long as we can iron out some kinks. A house in Mars would definitely be different from a home on Earth, what with facilities providing comfort from the weather and changes in pressure as well as out-of-this-world options for transport.
For now, what we do know is that the UK housing and property market is booming. It’s the perfect time to buy the property of your dreams and benefit from a tangible asset that’s guaranteed to be one of your best investments.