Real estate is an interesting topic to keep an eye on, especially if you are buying property. Properties can be a financial investment and make or break your financial situation. If you are considering investing in real estate, it is always good to know what is going on in the market.
The property market in Essex, UK, is undoubtedly booming with high demand from investors. It can be a great opportunity for professional investors who will be able to make smart investment decisions.
However, it is important for you as an investor or a property buyer to make informed decisions about deals if you want to make money out of this dramatic change in the real estate sector. This article will tell you about 5 trends to watch out for in the Essex property market:
1. Population Growth
Population growth is an indication that there will be a rise in demand for housing units. In this case, developers will likely increase their construction activities and construct new homes to meet this rising demand. It can increase the prices of the property market in Essex, UK.
Population growth leads to an increase in population density, increasing the demand for transportation services such as buses, trains, or even automobiles.
The availability of these transportation services depends on the capacity of the public transport system and how quickly it can accommodate more people on its route.
2. Demand from Overseas Buyers
The property market in Essex is booming right now because foreign buyers are snapping up homes like crazy, especially Chinese investors looking for somewhere safe from currency fluctuations and political instability back at home.
The local authorities are working hard to attract more foreign investors into the area by offering favorable tax breaks on investment properties. For instance, there has been a growing number of buyers from Asia, particularly China and Hong Kong. These buyers are looking for high-quality properties, and they can afford to buy them at a reasonable price.
3. Positive Employment Figures
The employment figures have been positive over the past few months, which has helped boost sales in the property market. Many people are looking to buy their first home or move into a bigger one after they get married or have children. It means that there will be more demand from buyers who want to get their foot in the door when buying property.
According to the Office for National Statistics (ONS), there were 239,000 people unemployed in June 2018, less than half of what was at its peak in late 2008/early 2009.
This figure has steadily decreased and now stands at just under 200,000 people. It is an encouraging sign for those looking to buy or sell their home.
4. Rising House Prices
The housing market has been booming over recent years, but this isn’t just a London phenomenon – it’s affecting all areas of the country. In some cases, rising house prices could mean purchasing a new home is no longer affordable for those renting or buying on a budget.
If you are considering selling your current property or renting out your home, it’s important to check what kind of price range buyers are willing to pay for different types of properties.
5. The Rise of Home Automation Technology
Automation technology has become increasingly popular over the last couple of years as it allows homeowners to automate their homes without worrying about much else.
Smart home technology includes everything from smart locks to smart thermostats that can get programmed according to your needs or preferences.
Such means that you will no longer need to worry about turning on lights or turning off appliances when you leave home or return after work; all these tasks will get handled automatically by the system itself.
As a property investor, it is a good idea to keep an eye on the property market whether you are a resident or someone living in Essex. With that in mind, five buy-to-let trends above are for you to watch out for in the property market in Essex, UK, to ensure that you get your investment right.
If you have any questions about buying property in Essex, UK, and the surrounding areas, contact Residential property solicitors in Essex today.