Is there a housing crash on the horizon? Well a large number of UK adults seem to think so. House prices have been rising for some years now and while only 4% of UK adults think the crash will happen in the next 12 months, 45% think it could come in the next five years.
This is according to a survey conducted by YouGov. The number leaps to 60% in the next 10 years and 67% in 20 years. However, perhaps the most surprising statistic from the survey is that 33% of people think there will not be a house price crash in the future. That’s one in three people who think the market is secure for ever.
While we would like to agree, it’s better to be realistic and prepare for the fact that market crashes do and will happen. It’s all about being able to see it coming and being in a strong position to not just see it out but come out the other side in a stronger position.
That’s not to say we’re amongst the 4% who think a crash is coming in the next 12 months. Crashes by definition are unpredictable and we like to think the market here in Norfolk is strong, so hopefully it will continue to grow over the coming years. But it is never a good idea to overstretch yourself, and you should always invest in property that can perform whatever the circumstances.
Do the new rental changes affect you
Changes in the rental rules come into effect soon and could make a difference if you are a private landlord. If you have assured shorthold tenancy (AST), changes in the law relating to this agreement around gas safety could affect you. A gas safety certificate must be provided before a new tenant moves in and tenants need to certify that they have received copies before they move in.
Energy Performance Certificates also now required by landlords. If you would like more advice about how this might impact on your property, then get in touch.
If you are thinking about investing in the Norwich area or beyond, and are unsure about the market conditions or your responsibilities as a landlord, then get in touch with a member of our team here at Agile. We’re specialists in the local area and more than happy to talk through your options. Give us a ring on Norwich 01603 567804 or send us a message.
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