Your Local Housing Market and Its Importance
If you’re thinking of moving home remember one important thing: there’s no ‘one size fits all’ when it comes to the UK property market. So, understanding your local housing market is key. The national housing market paints a broad-brush picture that may not reflect a local area accurately. The UK housing market is in fact a series of micro-markets, each unique with its own reality.
Getting under the skin of your local market can, therefore, make a world of difference to your property buying experience. Let’s take a look at why.
Look beneath the surface
Each local housing market effectively has its own DNA. Influenced by factors such as the local economy, employment, demographic trends, developments, transport links etc. These will all impact its operating property market.
So, what might seem like a buyer’s paradise in one region might be quite the seller’s stronghold in another. Similarly, while property prices might be skyrocketing in one area, they could be levelling off or even dipping in another.
Getting a sense of property market data and your local housing market really is important if you can unearth properties or areas that may not appear valuable today but have a bright future ahead. You also want to understand the things that will impact your day-to-day living. Such as upcoming infrastructure projects or changes in local schools.
Local housing market intel
Engaging with a local estate agent can provide you with a wealth of knowledge.
They’re the eyes and ears of the local housing market and have local insight because they’re operating in the market day-in-day-out.
Your local agent will also have an up to date understanding of what’s going on. Including price trends, demand and supply dynamics, and where they things heading. This insight can be invaluable and is worth tapping into.
In addition to these agents often have access to information not available to the general public. Such as properties about to come on the market, motivated sellers, and under-the-radar investment opportunities. They also have insights into the reasons behind property sales and price trends in the area.
Local area knowledge
Aside from property market specifics, agents can share information on the local community, schools, transportation, and upcoming local development plans.
Take a look around your local housing market
- Leverage online platforms – Looking at local data on recent sales, property price trends, and local area guides are also useful. While these can’t replace local insights, they offer a solid foundation for understanding a housing market.
- Local forums – Locals can also be a good source of unbiased knowledge about the community. Check out local community groups or online forums to get a perspective on what the area’s like.
- Make personal visits – Have a walk around and get a feel for the local vibe and check out the amenities. This hands-on approach can add a fresh dimension to the data-driven insights you’ve gathered.
Local housing market and next steps
Getting well-acquainted with your housing market can be your secret weapon. Harness local expertise, soak up online data, connect with locals, and explore the area personally. This should put you in a good position before you move forwards.
When you come to searching for a property don’t forget to research the property itself with a Move iQ property report.
Last Updated: October 30th, 2024
