According to a recent housing report conducted by a group of experts in the field, it was found that approximately half of the real estate agents predict that the rates of houses will decrease. Now, this sounds like a very good news for people wanting to buy their piece of property in 2019 but, it is not so ideal for the landowners.
However, the other half predicts that prices may either increase or they may remain the same. Maybe they are right; maybe they are just trying to remain positive. This uncertainty is caused by the situation with Brexit as no one is really sure if this situation will have a positive or negative impact on the property market of UK. Hence, 62% of the estate agents have recommended the homeowners to focus on renovating instead of selling the houses.
To put it in simple words, the future of property market is rather foggy and unclear. Sellers and buyers could hold off their deals until the coast becomes a bit clear or predictable. They may simply have to adopt the ‘wait and watch’ strategy until 2019 comes in full swing.
When it comes to the Private Rented Sector (PRS), the future is not as foggy, and it can be very easily predicted that the rent costs will increase in the coming year. A majority of the estate agents second this prediction.
In the last few years, the Private Rented Sector (PRS) has gone through a lot of changes; hence, we cannot be a hundred per cent sure about everything. However, many estate agents can bet on that the tenant fees ban will become effective in the year 2019.
Experts also predict that the best estate agents and landlords will remain afloat and the not so capable ones will be pushed out of the market. As a result of this, the Private Rented Sector (PRS) will improve and will become more professional.
Despite the foggy future for homeowners, a good percentage of consumers are predicting a rise in the prices of houses. The highest percentage of people expecting price increases is expected in East Aglia with 60% of people expecting property prices to rise. Midlands, London, South East, South West, the North of UK and Scotland are within the range of 51% to 59% in the respective order of highest to lowest.
However, when it comes to increase in sales by region, London is predicted to remain on the top throughout the year of 2019. The reason behind this is that the most active house hunters are found in London. The lowest rate of house hunters according to region are Scotland and South West.
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