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Property Prices and Investment - A New House for the Summer

 

Author:

Spring time is traditionally the time when the housing market picks up and buyers prepare to move in over the summer months. Not only is the market becoming buoyant through home owners relocating but also through property investors keen to make a quick buck through renovation or opting to make a long term investment through buy to let purchases.

Accordingly house prices are gradually rising; according to the UK search engine Wheres My Propety during the last month the average UK price has gone up by 1.7% and with the national average house priced at 186,241 that's an average increase of over 3000 in just one month.

Of course property investors have to choose their area carefully. For example, if a buyer had bought a house in parts of Northern Ireland they would be enjoying an increase in their investment of nearly 29% over the last 12 months, whereas the average property price in the popular holiday destination of the UK's South West (second holiday home potential) has risen by less than 1% in the same period.

Property investors need to choose their property with care and with a clear intention on how their investment will grow. Buy to let properties can be long term investments whereas renovation projects can be relatively short term. With the current trend of renovation television programmes this type of investment is becoming very popular and thought by some, a fast track route to a good profit. As a result, finding renovation projects has become very competitive. To beat the competition potential buyers can even subscribe to services such as Renovate Alerts where details of properties are sent to you as soon as they as advertised online. This type of service is really aimed at those who are serious about finding their next renovation project and is a useful tool to get yourself to the front of the queue.

Of course house buyers also need to have the back up troops ready: the mortgage provider, the solicitor and if necessary, a builder on hand to check your figures on any improvements that are needed. And finally, house buying, be it for your principle home or for investment needn't be stressful if you do your homework: research your area, the facilities and check and recheck that the house you want to buy is one that will meet with your desired outcomes.

A new house for the summer? I can almost smell the champagne and strawberries perched on top of the removal boxes already.

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