Today’s property market can be somewhat unpredictable. During the third quarter of 2017, house prices skyrocketed, with many locations in the North of the country as well as the Midlands increasing in value much more than property located in London. In the context of Brexit, house prices also continued to rise, defying what many believed to be a property bubble. If you’re a new landlord who is about to list your property via an online property agent, then what are the ways you can help identify an increase in your property’s value? If you’d like to learn, then why not have a little read of our handy guide below.
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Economy
The healthiness of the economy is a key factor regarding house prices. Salaries and expenditures allow buyers and renters to match the value of both financial outlays, so a workforce which is busy within a bustling economy is absolutely paramount. More money for your tenants means more financial freedom, which in turn translates to a greater disposable income when buying or renting. At the same time, a weak economy can often cause a sudden drop in housing prices. This could be seen in the recession which occurred between 2007 and 2012.
Population
The movement or growth of populations – particularly in a certain areas – also causes a spike in house values. If people are moving out of London to smaller towns and cities with a greater cultural pull and better value for money in terms of housing, you will naturally see house prices in those areas beginning to increase, alongside their desirability. One worrying factor regarding Brexit for the housing market is that many non-native residents will move from the UK back to European countries, forcing many private landlords who operate on much smaller budgets to sell up after a big crash in prices.
Location
If the area your property is located in is suddenly experiencing growth and development, this could be very good news for you. This can come in the form of upgraded transport links or a new station, retail centres and shopping outlets, banks, restaurants, or anything else which is likely to bring people to the area more. Police and fire stations can also inflate property prices, too.
Community
A strong, vibrant community will always be a pull factor for properties and areas of town. If yours is located in a place with nearby schools, parks or vibrant neighbourhood high streets which make people want to up and move there, then this is good news. Similarly, things like cinemas and a buzzing cafe scene also really help make areas popular with varying age groups.
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