Recent few years have shown a dip in terms of pricing in the housing sector in Southampton. Data and reports suggest there has been a dip in price of about 10.2% annually.
The article will cover current housing market conditions of Southampton, what market trends depicts for 2023. We will also understand the importance of a conveyancer in today’s world before buying or selling a property.
Current Market Situation of Southampton
A hike in the prices of houses has been seen in Southampton. Below mentioned is a list of types of houses and percentage change in their price.
- Detached Houses: Approx. 12.7 % annually( £412463)
- Semi-Detached Houses: Approximately 12 % annually ( £292047)
- Terraced: Approximately 10 % annually (£238314)
- Flats: Approx. 7.9 % annually (£163293)
First time home buyers in Southampton bought houses for approx. £19000 more than people who bought it at cheaper prices a year ago(2021).
Former home occupiers paid 28.6 % more than the first time buyers.
Expected Trends for Housing Market in Year 2023 in Southampton
- There is an expected hike in the interest rate of mortgage loans and recession in the coming year which can act as a boon for property buyers as it might dip the property rates but a bane for the sellers at the same time.
- Increased inflation rates in the UK and restricted purchasing power due to the same reason can deteriorate an individual’s capacity to save enough for a house. This might lead to downfall in demand for more houses and the prices might decrease.
- The disbalanced market of demand and supply is expected to rebalance in coming months which eventually balances the market pricing. As the supply will be in abundance the demand and price will automatically come in line.
- Student property rentals might get increased because a lot of students are expected in 2023 which might lead to higher rental property prices.
- In september 2021, a reputed real estate UK based agent, Hamptons predicted a 3.5 % rise in prices in 2022, 3 % percent in 2023 and 2.5 % in 2025 based on the 2021 market performance.
What Is Conveyancing and Conveyancer?
Conveyancing is the process of legalizing and transferring of a property from its legal seller to buyer. This includes all the documentation and transfer of rights through different passages.
A conveyancer is a lawyer/solicitor who specializes in dealing with buying and selling of properties. Conveyancer is supposed to lessen the burden of the client (can be either of the parties i.e. buyer or seller) and manage the proceedings for a property sale.
Importance of Conveyancer in Property Dealing
- It is the conveyancer’s duty to collect information relating to a specified property sale from both the parties and carefully understand all the terms and conditions relating to it. A conveyancer understands the legal terms and can make the client understand it in simpler terms to avoid any kind of confusion.
- Right from collecting documents from the parties involved to the final stamping, a conveyancer’s services includes everything that will make the client’s life easier while selling or buying a house.
- A client can clear all his/her doubts about the property dealing that they are involved in from the conveyancer.
- A conveyancer will help carry out all the submissions timely while keeping a track of every stage of the process.
Hence, when buying a property, you should hire a property conveyancing solicitor in Southampton to handle the legal aspects of the transaction.
It’s concluded that despite the hike in Southampton property prices currently, a change in the market trends is expected with a slight slowdown or decline in the prices of house properties in 2023.
It’s not certain that the prices will dip as there are factors suggesting both hike and dip in the housing market.