The UK housing market has been famously in an inaccessible state for a while now, and it’s only been looking to get worse in recent history. Cities like Bristol, which are particularly in demand, can be an especially poignant example of this due to how competitive the housing market is in rented properties and those for sale.
This might be a destination that you’ve had your eye on for a while, and so naturally, it would be of interest to you when property prices fluctuate. There might even be a reason to believe that these prices are falling, but in order to understand if that’s as true as it first seems, there are several factors to consider.
The Popularity
The city’s popularity, as mentioned previously, does not look like it’s about to change anytime soon, with more and more people from all over (especially London) deciding that this could be a destination more to their liking than where they currently live. With that in mind, surely it would stand to reason that the prices aren’t falling at all? Well, regardless of how much truth is in that individual statement, it’s worth stepping back and looking at the broader image that this paints.
While the prices might not be as low as you would like them to be, now might be a good time to consider investing in Bristol due to this surging popularity. As more people move towards the city and see it as an exciting prospect, the value of your property could grow. Therefore, if the house prices aren’t falling in Bristol, that could be seen as a positive too, depending on your situation, though it depends on where you buy a property to make the most of this opportunity. With all that being said, it might be that you’re hoping that this is a simple dip – a temporary cooling before your investment skyrockets in value once more, or at least maintains it.
Will the Bubble Burst?
However, the question on many people’s minds is whether or not the housing bubble will soon burst. With many house prices across the UK being unaffordable, investing in a property might feel like a risky proposition for those in your position. However, this might explain why the prices have fallen slightly – and while this could be the sign of a larger decline to come, it could be that this is only a slight concession that is soon to disappear.
With that latter option in mind, this could be an opportunity to secure a property at a relative low before the price rises again. It’s difficult to say whether or not this mild decrease in price seen in areas such as Bristol indicates a wider crash to come, or whether it is only a temporary cooling. The prospect of a housing market crash is something that’s going to be seen differently by different people depending on their circumstances, and that naturally means that you have to understand your own position in order to work out whether you buy now or take the risk and wait a little longer to see what unfolds.
What are Your Purposes?
If you’re just looking to buy for the purposes of living, your approach has more flexibility. Of course, there is the risk that the prices could rise once more – but after seeing the prices fall now, waiting for another dip might not seem too difficult to imagine. However, suppose you’re buying for the purposes of investing or renting out your property. In that case, the focus is obviously on being able to get some of your money back down the line, and if that’s the case, you’re going to be much more interested in what the future of this market looks like.
Of course, with the property market, there is rarely any certainty and you’ll have to make do with the advice you can find from experts. However, what you can do is look to the facts that you currently have at your disposal. This is a popular and in-demand city that more and more people are looking to move to. That means that there will continue to be a demand for properties and accommodation, especially if you consider spending a bit more to secure a property in a more expensive area. This option could also appeal to you for the purposes of living there, though without an obvious way to make that money back, it could make for an expensive lifestyle.
