by ITM Ventures 
According to Zoopla, the number of homes for sale was 34% higher in November than the same time last year, according to Zoopla, back at pre-pandemic levels . This is a positive sign for the UK property market, indicating that the market is recovering from the pandemic’s impact. The increase in supply is likely to lead to more competitive pricing, which could benefit buyers. However, it’s worth noting that the market is still subject to uncertainty, and the long-term impact of the pandemic on the property market remains to be seen. Nonetheless, the increase in supply is a promising sign for the future of the UK property market.
In addition to the increase in supply, there are several other factors that are shaping the UK property market. One of the most significant factors is the rising property prices. According to a recent report, property prices in the UK are expected to rise in 2024, with areas like Halifax and Motherwell predicted to see the most significant price increases ¹. This is good news for homeowners, as it indicates that their properties are likely to increase in value over time. However, it also means that buying a property is becoming increasingly expensive, which could make it more difficult for first-time buyers to get onto the property ladder.
Brexit
Brexit has also had a significant impact on the UK property market. Since the Brexit vote, London’s property market has been particularly affected, with the top five boroughs for house price growth since the Brexit vote all located in London’s outer ring ². This has led to a shift in demand away from London and towards other parts of the UK, such as Manchester and Birmingham. This trend is expected to continue in the coming years, as more people look for affordable properties outside of London.
Another trend that is shaping the UK property market is the seasonal patterns. The UK property market appears to have settled into more familiar seasonal patterns, with house prices and stock levels following the usual trends ³. This is good news for buyers and sellers alike, as it indicates that the market is becoming more predictable and stable.
Government Assistance
Despite these positive signs, there are still some challenges facing the UK property market. One of the biggest challenges is the affordability crisis. With property prices rising faster than wages, many people are finding it increasingly difficult to afford to buy a home. This is particularly true for first-time buyers, who are finding it harder than ever to get onto the property ladder. The government has introduced several measures to address this issue, such as the Help-to-Buy scheme, but more needs to be done to make housing more affordable for everyone.
Another challenge facing the UK property market is the impact of the pandemic. While the increase in supply is a positive sign, the long-term impact of the pandemic on the property market remains to be seen. Many people are still struggling financially, which could lead to a rise in mortgage arrears and repossessions . Additionally, the pandemic has led to a shift in demand away from city centers and towards more rural areas, which could have a significant impact on the property market in the coming years.
Conclusion
Despite these challenges, the UK property market remains a strong and resilient sector. With rising property prices, excellent connectivity, and a wide range of cultural venues and commercial spaces, the UK property market is an attractive option for both domestic and international buyers. Whether you’re a first-time buyer looking to get onto the property ladder or an investor looking to expand your portfolio, the UK property market has something to offer everyone.
