The property market across the UK is changing day by day. House prices as well as flat prices have stayed relatively calm in Scotland , but in England property prices are rising steeply. One of the reasons for the rising prices of property is actually the lack of property being built. There is a distinct lack of property being built which is driving up the prices of properties across the UK.
London is one of the most expensive places to buy property in the UK with a 3 bedroom house in the city ranging from anywhere from 300k to up to one million pounds depending on the condition of the property as well as the neighbourhood and transport links.
Why Are Property Prices So High?
House prices around the UK are high for a number of different reasons. One of the main reasons for the increase in prices in properties across the UK is a lack of new properties being built as well as a growing population. In addition to this increasingly property investors are letting out properties rather than selling properties. This is being done as often it offers a higher income over a shorter time period. Some flats in London and other major cities can run into the hundreds of thousands for a simple studio flat located within the heart of the city.
How Do I Choose The Right Property?
When choosing the right property there are variety of different things that you can consider. One of the most important aspects of your search will be price and how you can pay for the property. Depending on your budget and savings the deposit required for a property could make the difference between you purchasing it or not. Typically a properties deposit is around 10% of the market value of the property.
Another key factor which you need to consider when you are looking for the right property is location. Location is a big factor as having a property located close to transport links can reduce your overall commute time and save you a considerable amount on transport costs. Properties that are located in more rural areas may have worse transport links but could be slightly cheaper due to this.
Sometimes there may not be a property that suits your needs so it could be advisable to build your own property. Building your own property whether with help or without can seem a daunting task for many. However often people who have built their own houses have found that it has turned out to be cheaper than they expected and reduced the cost of owning a property overall.
Overall Conclusions
To conclude there are a number of different points that can be noted about the property market as a whole. One of the main points that should be noted is property prices are increasing due to inflation and a lack of new properties being built. In some cases building your own property or downsizing could save you a considerable sum of money in the long term.