In the UK property market, it’s fair to say that there has been a degree of fluctuation over the last eighteen months. Thanks to the ramifications of the Covid-19 pandemic, followed by the UK’s exit from the European Union on the first of January 2020, the property market in the UK has been undergoing enormous changes in the past few years.
So, many of our clients may be wondering if now is the right time to buy that holiday home for investment! A buy-to-let property is often a solid and sustainable investment, of course – but does the 2021 UK property market stand up to making that choice today? Let’s take a look.
Buying A UK Holiday Home
Buying a holiday home here in the UK is a common practice – especially for those who live in busy cities or built-up areas. A second property on the coast, in the mountains or simply somewhere a little quieter gives many people the peace and quiet they may long for, without having to relocate.
Of course, many people are additionally interested in buying a second property for renting out. After all, if you’re making the visit two to three times per year, the property may sit empty for the rest of the time – making it perhaps more costly than you might have anticipated. Purchasing a holiday property in the UK to let out is how many people choose to tackle costs and mortgage payments – all the benefits of a holiday home, with the added bonus of making a little back on your property costs.
So, what do you need to know about buying a UK holiday home? There are of course a number of different facets – such as your personal circumstances, the type of property you wish to find and, of course, the location is key – but it’s also vital to work out if now is the right time to buy.
Buying UK Properties For Investment
As we said in our latest blog post on the property market, at the time of writing the property market is in a boom for sellers: house prices are currently rising 10% year on year! The temporary stamp duty cut during Covid-19 partially contributed to this boom; as the number of houses sold in the UK rose, plenty of willing buyers were waiting to snap up the available properties.
There’s also been a rise in recent years of the ‘alternative’ holiday let. Fuelled by the rise of tech-savvy property services like AirBNB, HomeToGo and Vrbo, which can provide hugely competitive prices when compared to those of individuals and families letting out their homes. This might be another reason to hang fire until the market stabilises: that is to say, it’s advisable to wait until you can be sure you’re finding the perfect property, rather than settling for one which may not quite meet your needs, given the scarcity of property on the market.
In today’s volatile market, our expert property finders at Buying Agent Partnership have this advice for those wondering whether they should buy a holiday property in the UK right now:
‘There haven’t been enough properties brought into the market to meet the recent rise in buyers’ demand. This means that prices could stay high in the coming months, despite the opportunities to save through taxes. Currently there isn’t a strong indication that supply of properties will increase – so the current seller’s market could mean a tough position for current or hopeful buyers’.
In other words – if you’re not urgently seeking a holiday home for investment purposes, our property finders’ professional advice here at Buying Agent Partnership is to wait to proceed. It’s not all bad news, however – there are steps you should be taking in this period to ensure you’re ready to take the steps when the time comes!
What Should I Do?
Research, research, research! Deciding to purchase a second property to be a UK holiday home or investment is one thing; but deciding where is quite another task. Taking this time to get to know the region you want to live in might sound simple, it’s essential to research and visit if you can to get a real feel for the place. If you prefer, our property buying agents spend the summer doing the research and then we can help you to narrow it down.
Once you have a more specific idea of where you’d like to live, you and your property buying agent can discuss and explore the types of properties that are right for you. Our agents can suggest, shortlist and visit your chosen properties, offering you live video or virtual walkthroughs if required to allow you to gain a real insight into the property’s features. With their expert regional knowledge, our property finders can suggest areas that work best for you and your needs – and of course, provide you with the perfect spot to be your UK holiday staycation from time to time.
Contact Buying Agent Partnership
If you’re interested in learning more about our services, a buy-to-let property or purchasing a UK holiday home, please don’t hesitate to get in touch with us and our experts will be more than happy to help you.