It’s no secret that house prices in the UK have been on the rise in recent years. But with an interest rate hike looming, there are concerns that a recession could hit, and house prices could start to fall. So what does the future hold for house prices in the UK? Here’s what you need to know.
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The average house prices in the UK are expected to rise by 3% in 2022 and by a further 4% in 2023
According to recent studies, the average house prices in the UK are expected to experience a climbing trend over the next two years. 2022 is forecasted to show a 3% rise from current values and this rate could increase further by 4% in 2023. This marks a great opportunity for current homeowners or even potential homebuyers to take advantage of various fiscal incentives available within this critical period. With an unfaltering desire for luxurious comfort and contemporary designs, buyers will have many options within their range that would satiate their diverse needs. Therefore, we can expect the real estate market in the UK to be bustling with activity through 2022 and 2023.
The Bank of England have increased interest rates in late 2022
The Bank of England recently decided to take a proactive step in raising interest rates for the first time since 2007. The rate hike, which occurred late in 2022, was attributed to a variety of factors including strong consumer confidence and sound fiscal management from the government. Analysts anticipate this increased rate will help maintain economic stability into the future as it will help dampen inflation while encouraging greater savings among citizens. While only time will tell whether this decision was wise, it still signals a positive direction that experts hope will create an environment conducive to investment and growth.
Despite the potential for a recession, there are still ways to increase the value of your home
Despite the potential for an economic downturn, there are still plenty of steps homeowners can take to increase or maintain the value of their homes. One option is to invest in smart home upgrades that help reduce energy costs, such as insulation installation, switching to LED lights and installing smart thermostats. Beyond these practical upgrades, further improvements like updating fixtures and renovating bathrooms or kitchens can also add value to a house. In addition, routine maintenance and small landscaping tasks like trimming hedges and weeding flower beds can give a home an improved outlook without breaking the bank. Taking all of these measures together will help protect your home’s value regardless of any upcoming recession.
Some simple and economical ways to increase your home’s value include painting your front door, installing a new mailbox, and getting rid of clutter around the house
One of the most straightforward yet effective ways to add value to your home is to spruce up its facade. This can be done by giving your front door a fresh coat of paint or replacing the mailbox with a modern, attractive one that adds to the curb appeal of your property. Another way to increase your home’s value without breaking the bank is to get rid of any excess clutter in and around the building. Decluttering spaces can make them look bigger and give potential buyers more incentive to invest in your property. Not only does it improve the aesthetic appearance of your home, but it also ensures that an appraiser does not devalue it for being too cluttered.
Even if the economy does take a turn for the worse, taking care of your home will still be beneficial in the long run
Kuavo estate agents assert that taking care of your home is beneficial no matter what state the economy is in. Not only will it ensure your property remains an asset for yourself, but it could also make a big difference if you are looking to rent or resell your place in the future. By keeping up with simple DIY repairs and regular maintenance tasks, you can make sure your home stands out amongst others and maintains its value so that you won’t be disappointed when it’s time to seek out new tenants or buyers. Investing in the upkeep of your property now is guaranteed to pay off in the long run.
If you’re looking to increase the value of your home, there are still plenty of ways to do so despite the potential for a recession. Something as simple as painting your front door can make a world of difference. And if the economy does take a downturn, taking care of your home will still be beneficial in the long run. So don’t let the possibility of a recession discourage you from making improvements to your home – it’s always worth it in the end.