The executive director of a leading UK estate agency believes it is currently a ‘great time’ to invest in the housing market in Britain.
This is despite a new report revealing that house price growth, both quarterly and yearly, was more subdued in August.
Adrian Gill, executive director of estate agency LSLi, made his comments in reaction to a new report from Hometrack, which revealed the average property price in the UK’s 20 largest cities is currently £239,400.
There has been a typical summer slowdown in house price growth. Despite this, there are signs that the UK housing market is showing shoots of recovery following the shock result of the referendum.
Undoubtedly, this has been aided by the Bank of England’s interest rate cuts, but the strength of the market has also been evident.
As such, Gill feels it could be a good time for investors to take out landlord insurance on a property.
Mr Gill said, ‘it’s really no surprise to see a softening in house price growth over the summer months. Nor should this easing in price inflation be considered a cause for concern. The unsustainable rate at which property values have been rising has meant that many potential homebuyers have been priced out of the market-especially in areas like London and the South East.’
‘The truth is, now is a great time to buy a home. The fundamentals of the housing market remain strong, with record low interest rates and lenders maintaining their appetite to lend,’ he added.
In the coming months, Mr Gill said he wishes to see more done in order to sort out the imbalance between supply and demand of properties. If this problem is not rectified, Gill believes there would be upward pressure on house prices for the foreseeable future.