Buying A House In 2024: Factors To Consider

Deciding to buy a house can feel overwhelming. In 2024, the UK housing market shows signs of becoming more buyer-friendly. This article will guide you through key considerations and how to make this process easier for you.

RICS Building Surveys and Valuations

‍

Before you buy a house, getting a building survey is smart. RICS surveys look at the house's condition and tell you its value.

Level 3 and Level 2 surveys

Level 3 and Level 2 surveys offer deep insights into a property's condition. A Level 3 survey is the most thorough, checking every part of the house for issues. It reports on defects and gives advice on repairs.

If you're buying an old or unique home, this level suits best. On the other hand, a Level 2 survey fits newer homes in good shape. It still looks for problems but in less detail than Level 3. Choosing between a RICS Level 2 or Level 3 building survey report can save you from future headaches by revealing hidden defects early.

Party Wall Surveys

Moving from the general views of Level 3 and Level 2 surveys, we next come to something more specific - Party Wall Surveys. These are really important for understanding where your property ends and your neighbour's begins.

Especially if you plan any building work near or on a shared wall or boundary. It makes sure you and your neighbour agree on how the work will happen so no one gets upset.

A building surveyor in London often handles these checks. They look closely at any shared walls to see if the new work can cause problems. This isn't just about keeping peace with your neighbours; it’s about protecting your home too.

If anything goes wrong because you didn't get this check done, fixing it can cost a lot of money and time. So, getting a Party Wall Survey before starting work is super smart – it keeps everything clear and avoids nasty surprises later on.

Specific Defect Surveys

After looking at Party Wall Surveys, let's talk about Specific Defect Surveys. These are crucial if you spot a problem in a house and need more info. A building surveyor in London can check the house closely to find out what's wrong.

They look at cracks, dampness, or anything else that seems off. This helps figure out how much it might cost to fix things up.

This type of survey really steps in before you buy a home or deal with repairs. It lets you know exactly what issues are there and how serious they are. That way, you're not caught off guard by big repair bills later on. You get all the facts straight from experts who know buildings inside out.

Help to Buy Valuations

Help to Buy Valuations are a necessity when employing government schemes like Help to Buy. A building surveyor from London can assist you in this matter. They assess the property's value and ensure it adheres to the scheme's regulations.

This involves a detailed examination of your home to establish its market price. If you are participating in these schemes, doing this correctly is of extreme importance.

RICS Valuations encompass Help to Buy Valuations, important for handling government housing schemes.

This phase is pivotal in optimising the use of Help to Buy benefits. It guarantees that everyone follows the regulations and that your investment is secure. Furthermore, having a specialist handle this makes the process more efficient and eliminates any uncertainty about the real value of your property.

Shared Ownership Valuations

Shared ownership valuations are crucial for shared ownership properties. A building surveyor in London can assess the value of the part you own and the part you rent. This helps in many ways, like when you want to buy more shares in your home.

The process ensures fair pricing for all involved. For those with shared ownership homes, getting an accurate valuation is a must. It guides important decisions and financial planning. If thinking about increasing your share, this step cannot be skipped.

Right to Buy Valuations

Right to Buy Valuations are key for council tenants wanting to buy their home. Building surveyor London experts perform these assessments. They look at how much the property is worth today. This helps determine the sale price. It's a must for those living in council houses dreaming of ownership. Now, we'll move into looking at commercial building surveys and structural engineering services.

Commercial Building Surveys and Structural Engineering Services

Survey Merchant organises detailed surveys for commercial buildings and expert structural engineering services. The surveyors check the building's strength, safety, and condition. This way, businesses know what they're buying or renting is good value.

From small shops to big office spaces, getting a survey done means fewer surprises later. The team ensures your commercial property stands strong now and into the future.

These services cover everything needed to make sure a building is ready for business. For any company looking to move or expand, these checks are vital. They help avoid costly repairs and make sure the place is safe for everyone inside.

Current Housing Market in the UK

The UK housing market is shifting, with trends pointing to better deals for buyers. Keep reading to find out more!

Buyer's market

Lower demand for houses has led to a buyer's market. This is good news if you're looking to buy a house. You might find more options and better deals than before. Sellers are willing to lower their prices or offer extra perks to close the deal.

In this kind of market, buyers have the upper hand. They can negotiate harder on price and terms. Plus, with reduced stamp duty and other fees, buying a house could be less expensive now.

It’s a great time to think about getting into the housing market.

Average discounts on asking prices

Sellers are now giving buyers a break, trimming down prices like never before. The latest figures show an impressive 5.5% cut off the asking price of homes. This is the largest slice we've seen in five years, making it a ripe time for house hunters to grab a deal. 

The market's swinging in favour of buyers, with discounts blooming across the board. This shift hints at more good news on the horizon, as we see changes in other costs tied to buying a home.

Reduced stamp duty, conveyancing fees, and estate agent fees

Lower purchase prices mean you pay less stamp duty. This is good news for buyers. You'll also spend less on conveyancing fees and estate agent fees. These costs go down when the house prices are lower. This means buying a house can be cheaper right now. You get to save money in different ways. It's a win-win for those looking to buy a new home soon.

Increase in rents

With lower costs in other areas, like stamp duty and fees, the housing market faces a different challenge: rent hikes. Rent prices have shot up by nearly 10% in just one year. This surge affects everyone looking at property investments. Higher rents mean people might think harder about buying or investing.

This jump in rental costs plays a big part in how investors make decisions. They see properties not just as homes but also as ways to earn money through rent. With rents going up so much, owning a house looks more appealing to many.

Modest drop in house prices

House prices fell by 1.2% last year. This was a small but noticeable change for buyers and sellers alike. Now, the good news is they're starting to go back up again. Prices stabilising and starting to rise again signals a turning point for the market.

Predicted decrease in mortgage rates

Mortgage rates are high now but they're set to go down slowly. This is good news for anyone looking to buy a house in 2024. Going with a tracker mortgage might be smart, as it could get cheaper over time. Next, we'll look at the factors you should think about if you're planning to invest in property.

Factors to Consider in Property Investment

Thinking about property investment? It's key to look at how long you plan to invest and where the house sits. These choices can really shape your future money scene.

Long-term vs short-term investments

Long-term investments typically appreciate over numerous years. This implies that if you purchase a property and retain it for an extended period, its value will predominantly ascend.

It can be compared to a gradual ascent of a slope. There's no need to monitor the market daily. Conversely, short-term investments are more about swift alterations in the market. They necessitate frequent perusal of prices and trends.

Should you consider buying with intent to sell shortly, it's essential to comprehend the rapid fluctuation of house prices.

Deciding between these investment types is contingent on your investment goals. If your preference is for expansion over several years with minimal hassle, the long-term option is suitable for you.

Conversely, if you find pleasure in keeping up with market updates and making prompt choices, you might want to explore short-term investing. It's crucial to acknowledge that each approach has its distinct risks and benefits.

Location and growth in house prices

Cities like Nottingham, Birmingham, Sheffield, Leeds, and Manchester are hot spots for house price growth. Around these cities, the regions are also seeing their house prices go up.

This means if you're looking to buy a house there in 2024, it's a good idea to keep an eye on how much houses cost.

With areas around Nottingham and the others growing too, more people might start thinking about moving there. This could make the places even more popular and possibly push prices up even higher. So knowing where to buy is as crucial as knowing what kind of house you want.

Property Survey Recommendations

Before you buy a home, getting the right survey is key. Choose either an RICS Level 2 or RICS Level 3 survey based on what the house needs.

RICS Level 2 or RICS Level 3 survey

Choosing between a RICS Level 2 and RICS Level 3 survey depends on the depth of inspection you need. A RICS Level 2 survey suits newer houses in good condition, checking for visible issues.

It gives you peace of mind before buying. For older or renovated properties, go for a RICS Level 3 survey. This more detailed check reveals hidden defects that could lower the property's value.

Both surveys spot problems early, saving money and trouble later. They really help buyers make informed choices about their investments. After deciding on the right survey, looking into market valuation by Allcott Associates is your next step.

Market valuation by Allcott Associates

After choosing between a RICS Level 2 or Level 3 survey, it's time to think about getting a market valuation. Allcott Associates can help you with this. They give you a market valuation that makes sense for making real offers.

Their team knows their stuff and has lots of experience. This means their reports have all the details you need.

Allcott Associates is known for giving good advice on how much to offer when buying a house. People trust them because they always do a thorough job. You won't be in the dark about what the property is really worth with their help.

Survey Merchant's Services and Recommendations

Survey Merchant organises expert advice on home buying. They give detailed reports and have excellent feedback from customers.

Homebuyer reports and building surveys

Homebuyer reports and building surveys are key for those looking to buy a house. Produced by experienced surveyors, these detailed checks can reveal hidden issues. They might find problems with the structure or other big concerns that could cost a lot to fix later on.

Many buyers pick either a homebuyer report or a more in-depth building survey based on the property's age and condition.

Choosing the right type of survey can save money and stress down the road. Next, let's talk about commercial building surveys and structural engineering services and why they're important too.

Conclusion

Buying a house in 2024 looks promising with lower mortgage rates on the horizon and prices starting to settle. Consider long-term investments and focus on growing areas like Nottingham or Manchester for value.

Always go for a detailed property survey as described in this HomeBuyer Survey Example Guide; it will save you money later. Survey Merchant can guide you through surveys and valuations, backed by positive feedback. Finding your dream home with the right research can make 2024 your year for property investment