Your Local Market

Question 1

3 key steps to understanding your local market?

Answer 1

1. ) Employment data and trends
2. ) Understand the trends in property niches
3. ) Affordability

Question 2

Which areas are likely to have an increased demand for property transactions?

Answer 2

Areas with growing employment & people moving into the area.

Question 3

Where can you find data on the UK?

Answer 3

On sites like Statista and the Office for National Statistics.

Question 4

What does the term ‘niche’ mean in relation to property?

Answer 4

• A specific part of the property market e.g. luxury homes, affordable homes, or offices.
• It can also mean the type of buyer you serve.

Question 5

What is needed in order for a market to be profitable?

Answer 5

There needs to be sufficient affordability for people who buy, sell & rent.

Question 6

3 key factors affecting affordability?

Answer 6

1. ) Household disposable income.
2. ) House prices.
3. ) The rates lenders are charging for mortgages.