Housing Hotspots, Prices and Geographical Considerations
When buying a house, there are many important factors for the buyer to consider, including; property prices, upcoming hotspots and the geographical location of the property. These different factors can affect the value of the property in the future and it’s important to consider these when making a large investment like buying a home.
When looking in the North of England for instance, mining will likely be a bigger consideration than other geographical factors, in coastal areas there are other environmental factors that could affect the property value and the home itself such as coastal erosion.
In recent years the most notable trends have been from house prices, which have been sent soaring in the last three years before a drop in early 2023. With the Bank of England’s base rate rising, buying a property has become a more expensive process in the last few months with the increased financial implications leaving some people priced out of the market entirely.
It is important for both those buying and selling to consider geographical implications of where their home is. Typically London has been a hot spot for home buyers and sellers, creating a larger price increase for those properties, however, over the last few years there has been an increased interest in properties further away from the city to find more affordable housing options within a commutable distance of a bigger city.
Although the increase in remote working has led to rural areas becoming more popular it has still seen a slower rise in house prices because there are generally less demand and less employment opportunities in those areas. Regions offering affordable housing often present challenges in terms of local amenities making them less attractive to certain homebuyers.
Technology has played a significant role in the future of the housing market. Online property marketplaces, such as Rightmove have created apps, so buyers can not only online search online, they can scroll through an app, giving buyers the freedom to search whenever and wherever they like, giving important data about the property on the go.
Buyers can explore neighbourhoods, amenities, house prices, internet connectivity, phone signal, local crime data all from the comfort of their own home which gives the buyer the power of information before they buy the home. It doesn’t, however, give the person the same feeling as when they physically walk into the house, or walk around the neighbourhood. So whilst gathering information can rule a property in or out of the running for the buyer, it cannot replace the need to explore the area in person and gain a real insight into the place you’ll be investing in.
With all the changes and different factors going into a dynamic housing market, it is essential for both buyers and sellers to stay informed and get professional advice each step of the way, it is a large investment. For prospective homebuyers, considering different regions and areas can provide more affordable options, while sellers should be aware of the market trends to set realistic prices and attract potential buyers.
Government initiatives can also impact the housing market because areas need regeneration to boost the economy by increasing housing supply, improving infrastructure, and boosting economic growth in various regions. This can impact the property prices and make the geographical area a new property hotspot. This is crucial for ensuring a sustainable housing market.
The housing market in England and Wales is experiencing fluctuating growth with house prices and geographical locations becoming more important than ever when considering buying a property. While rising prices in certain regions can cause a challenge for buyers, it is essential for homebuyers and sellers to be informed of the potential growth in their investment. Knowledge is power in the home buying process. By embracing technology and keeping a keen eye on market trends, buyer can navigate these changes effectively and find their dream home in the ever changing landscapes.