When I tell people I’m a freelance property journalist, the reaction generally combines interest and a tinge of envy. ‘Wow, what a great job’, people tend to say, before adding ‘you must see some amazing houses.’ For a few seconds, they think wistfully of old Grand Designs episodes, or their cousin’s friend who had a £600,000 budget to buy a retirement cottage in the countryside.
However, being a freelance property journalist isn’t all about photographing swimming pools and exploring landscaped gardens. Many of the houses I’ve visited over the years have been empty, dirty or even unsafe to be in, with wasp infestations and crumbling floorboards. I’ve seen homeowners collapse into chairs, overcome with grief because their beloved home is being sold due to divorce or death. My visit to one flat in Glasgow’s west end was complicated by a ramraid on the shop downstairs the night before. At another property, I will never forget a child telling me she didn’t want to move, while I stared over her head at the broken glass her parents had cemented onto the top of their brick boundary wall in an attempt to deter any more burglaries.
Completing the cycle
Property experts often talk about an 18-year property cycle, where the market goes from boom to bust and back again. As Governments try to cushion the blow of economic downturns, interest rates are slashed and mortgage lending is encouraged, leading to an unsustainable property bubble which then triggers another economic downturn. An important attribute for any freelance property journalist is to recognise these effects on the housing market, depending which part of the cycle we’re currently experiencing.
When I started working as a full-time property journalist in 2003, investors were paying students to camp outside construction sites for several days before sales suites opened their doors, holding a place in the inevitable queues so they could swoop in at the last minute and reserve their favoured plots. Six years later, with prices in freefall, I saw good homes being sold at silly prices, as speculative companies specialising in distress sales presented an easy way out to people desperate to escape unsustainable mortgage debt. Six years after that, we were back to multiple sealed-bid offers, as families fought over homes in affluent commuter towns.
Flat out?
Today, the property market has finally slowed down after three years of post-pandemic growth. Prices have been falling in inverse proportion to interest rates, which have hopefully peaked after 14 consecutive monthly increases by the Bank of England, with inflation figures finally dwindling. We’ve rapidly switched from a seller’s market to a buyer’s market – not that too many people are looking to buy right now, with concerns over the Chinese and American economies allied to ongoing strikes and a cost-of-living crisis at home. Forecasts for 2024 suggest a broadly flat market nationwide, encompassing the odd local hotspot.
It’s become obvious that flats are less popular nowadays, with pre-existing concerns over cladding compounded by the memories of social distancing in communal areas and the echoes of families forced to endure months of lockdown without any outside space. Help to Buy schemes have already enabled a generation of first-time buyers to skip the starter-flat stage of the property ladder and move straight into a house, and this flight to the suburbs may continue even as these controversial state-backed schemes end. Only commercial-to-residential conversions and increased urban populations can seemingly stem the decline – there’s only so many coffee shops any city centre can support.
Whatever happens to the property market, I’ll be writing about it in my role as one of the UK’s leading freelance property journalists. Where the market leads, I will follow – experiencing the literal and metaphorical highs and lows of life as a freelance property journalist. Click here for more details on my property writing services, or view some of my recently published freelance property journalism articles here.