The UK housing market has been stagnant for some time. High prices and interest rates have deterred buyers. With rental yields also at record highs, those holding properties have been encouraged to hold onto their investments instead of selling. Yet the weather is changing as autumn draws in, and so is a shift in the housing market. Read on as we discuss why the UK housing market is poised for an upswing.

Signals of an Autumn Upswing 

Historically, September is always a month that sees the housing market pick up. While the summer holidays are taking place, people tend to put off buying for a while. As September approaches, there is an influx of people looking to move before the Christmas period approaches and the market cools once again.  

A recent cut to interest rates has also seen a boost to the market. Approvals for mortgages have increased, reaching a two-year high in July. This is also concurrent with an increase in the number of homes available in some areas, with around 33 houses for each estate agent according to some studies. Buyers have more choice, meaning that sales are much more likely to happen.  

More UK Houses 

House building in the UK is undergoing radical reform. The building of new houses fell to a record low in March with building starts falling even more dramatically. With the increasing costs of materials, even councils have struggled to build new homes due to financial pressures. 

However, the new government is aiming to change this with the building of 1.5 million new homes over a five-year plan, as per an article from the BBC. The prospect of an increased supply of homes is expected to keep house prices rising minimally toward the end of the year and into the next.  

To Buy or Sell? 

For many, this will throw up the decision to move or not. People who already hold properties they are not living in may want to consider selling. With possible government renovation schemes coming into play and lower interest rates, more investors will be on the market looking for homes to renovate and sell. Companies, like We Buy Any House, will offer fast cash offers on properties that may need renovation and ones that traditional lenders may shun. Their quick completion dates are very handy if you see another property you want to buy and move into quickly.  

Those looking to sell a mortgaged family home and move to another could benefit from putting it on the market now. Price increases are unlikely to rise that much over the next five years if more homes are being built. By getting ahead, you may be able to get a sale before a buyer’s market comes into play.  

For buyers, holding out could be a good move. With more homes potentially becoming available, you will have more choices and could see better prices if a buyer’s market occurs. You may also find interest rates drop further, which could see banks give out mortgages that require less of a deposit.