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Are you cashing in on lower property prices?

Patrick Christys
Jul 11, 2019


We've been telling you for months that this is a good time to get on the property ladder - and you've been listening!

New figures how estate agents are reporting the first rise in home sales in more than two years.

Brexit has slowed the property market as uncertainty builds - so sellers are finding it harder to shift their homes, meaning prices are dropping.

What's that sound? Is it the tears of money-grabbing estate agents across the country thudding into the ground? Fantastic!

DO YOU OWN A HOUSE? YOU’LL NEED HOME INSURANCE. GO TO A SPOKESMAN SAID FOR THE BEST DEALS.

For the first time in a while, you actually stand a decent chance of finding a bargain. 

Which means more people are getting on the market. Which is great. Your home is your castle and everyone should own one.

A monthly survey by the Royal Institution of Chartered Surveyors has found that the number of newly agreed residential sales has gone up for the first time since February 2017, suggesting a possible end to a period of stagnation in the housing market.

The survey polled more than 300 estate agents in more than 600 branches last month. It is used by the government and the Bank of England as an indicator of housing market conditions.

For the first time since November 2016, the survey indicated a rise in new buyer inquiries at a national level. The volume of new instructions was higher for the first time in a year.

The majority of the estate agents surveyed expected the number of agreed sales to remain stable over the next three months and to rise over the next year. All parts of the country were said to be showing house price growth, except for London, the southeast and the east of England.

The majority of estate agents said that newly built houses were selling for between 5 per cent and 10 per cent more than older properties, and a little more than that in London. However, stock levels on estate agents’ books remain at near-record lows and appraisals were down on the previous year.

Ryan Williams, a partner at McCartneys’ estate agency branch in Brecon, mid-Wales, said: “Political uncertainty is not helping, but [there are] still good deals being done, especially on one-off properties. Lack of supply is underpinning prices.”

The survey pointed to a drop in the supply of rental properties coming on to the market for the 20th month in a row. Buy-to-let landlords have been selling properties after the 3 per cent rise in stamp duty that was introduced in April 2016. The reduction in supply of rental properties is expected to boost rents. Average five-year forecasts suggest that rents will rise by 3.6 per cent a year, surpassing house prices, which are expected to rise by 2.7 per cent every year.

DO YOU OWN A HOUSE? YOU’LL NEED HOME INSURANCE. GO TO A SPOKESMAN SAID FOR THE BEST DEALS.

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