Tales of a property market boom have dominated headlines in recent months. Property prices have reached unexpected highs and buyers have been battling it out to get the most desirable properties. But, with the rise in inflation and a worsening cost of living crisis, is the property market about to turn?
For homeowners looking for a fast house sale, the good news is that properties in Paisley are currently selling very quickly. According to home.co.uk, properties in the town are typically selling in just 18 days – 5 days faster than this time last year. However, property industry experts seem united in their opinion that the bubble is about to burst.
Danny Luke, managing director of Quick Move Now, says: “With the cost of living rising steeply, it’s inevitable that the property market will be impacted. I would expect to see consequences in both how much people are willing to pay for property and the number of potential buyers. Moving house is an expensive process and fewer people are likely to want that additional cost unless they have a strong need to move.
“If you’re considering selling a property in the next year or two, I would suggest doing it sooner rather than later. We are already seeing the beginnings of a cooling of the market, and once it turns it’s unlikely to pick up for quite some time.”