Over the last year, house prices in Swindon have remained fairly steady. What does the future hold in store for the property market, though? Could prices here be about to rise in the next year or so?
The Latest Figures
The latest official figures show that house prices in Swindon rose more in August of this year than the average increase across the South West of England. A 0.7% rise here was slightly behind the 0.8% increase registered across the UK as a whole.
However, if we look at it on an annual basis, we can see that property prices in Swindon fell by 1.2% over the last year. It is also worth noting that the average cost of buying a house in Swindon was noted as being £216,324.
However, at the time of writing, the average price in Swindon has been listed at just over £263,000, with other sources listing a figure of £285,000 in this respect.
What Will Brexit Mean?
Brexit isn’t the only factor that will have an impact on house prices in Swindon in the future, but it is an important issue. There is a lot of debate over how Brexit will affect the UK’s property market. Some analysts suggest that prices may experience a boost when the long period of uncertainty finally comes to an end.
Research carried out by forecaster PropCast suggests that Swindon overall won’t be one of the most affected parts of the country. This is reflected in the fact that it doesn’t feature among the lists of the places most likely to rise or fall in value following Brexit.
However, the SN6 postcode was noted as being number seven in the list of places most likely to suffer falling property prices after Brexit. This means that places such as Shrivenham and Cricklade could be negatively affected by this change.
Is Buying Now A Wise Move?
Data from Savills suggests that, by 2024, house prices across the UK will have risen to an average of £266,000, from the current level of £231,000.
Their numbers show the north of the country out-performing the south over the next five years. They have the South West of England average rising by a little over 13% to £289,000. No exact number is given for Swindon, and all of this is based on an orderly exit from the EU.
The interest rate is also low just now, with the Bank of England currently maintaining it at 0.75%. There are differing opinions on whether the rate will rise or fall in the months to come, which will affect the affordability of loans and the strength of the market. With a fluctuating market, there may need to be more focus on customers to shop around for the best prices, with online tools such as Trussle allowing buyers to compare mortgage deals from dozens of lenders to keep costs down.
Naturally, for many people it all comes down to finding a property that they fall in love with at a price they can afford. If you are in this situation then now can be as good a time as any to make the move.
Bearing all of these points in mind, it is possible that the time is right for some home-buyers in Swindon. Others may prefer to wait for what they see as the perfect time to buy a house here, especially in terms of how Brexit occurs.