It seems many people are curious to know what the property market holds in store during 2013. Recent years have been full of bad news for those looking to sell, with house prices falling in most areas of the UK.
But although this is bad news for those looking to sell, the latest property market analysis shows that buyers could be in for a better year. House prices aren’t expected to hit huge highs in 2013, but there is some good news for the housing market if you know where to look.
Is this a good start to 2013?
Prices for properties in the UK fell during 2012 by around 1%, but many have seen this as good news, even though prices were lower by the end of the year than they were to start with. This might sound odd, but when you consider the state of the UK economy it makes sense this would be the case. We could have seen bigger falls in house prices, which would have been bad news for homeowners looking to sell.
Many people are cautiously optimistic about what the property market could hold in 2013 – and this is particularly true when you look at certain parts of the country.
Things are looking good for the London property market
If you want to buy a house in London you’ll need a lot more cash than you would if you wanted to buy virtually anywhere else in the country. This is the one area that always bucks the trend, and since property here can be very difficult to get hold of, it means the prices never really drop.
This indicates the state of the housing market in 2013 will depend on where you live and want to buy property. We often hear of a north south divide, but it could become more prevalent this year. Prices in London and the South East are gauged to stay much the same, even if they don’t actually rise. However many estate agents are predicting falls for other parts of the country, particularly those in the north of England and through into Scotland and Wales as well.
2012 showed a slowdown in dropping prices – what will 2013 bring?
Of course as we are only in the second month of the year, we can only speculate on whether the prices will remain relatively stable in the south east of the country and fall in other areas. But even if they were to rise slightly (which seems unlikely) they will still be way off from the pre-recession high we saw in 2007.
The main pattern people are expecting is one of treading water. We may see some ups and downs in various parts of the country, but all in all things look likely to remain much the same. This doesn’t bring much good news to be sure, but at least it is better than expecting further drops in value when it comes to house prices.
Image Courtesy: telegraph.co.uk, mirror.co.uk, telfordhomes.plc.uk