According to two separate Conveyancers 2011 could be the ideal time to purchase your new/first property. A Residential Forecast by Jones Lang Lasalle has indicated that UK house prices will rise by 4-6 per cent and accelerate to nine per cent in 2012. This is in complete contrast to many other reports released recently. We are all sick of the doom and gloom that is being forecast and this is obviously having an effect on the potential purchasers’ mindset but should Conveyancing Solicitors be the ones to advise that purchasing now would be a good plan and will it have any effect?
With the current strict lending criteria and lack of deposits available for first time buyers the housing market is somewhat stuck in any event. Without the first time buyer, homeowners are unable to move on up the ladder and without relaxed lending criteria the mortgages won’t be available in order for people to take advantage of the lower prices.
Mortgage lending is currently at its lowest in over thirty years and is expected to remain tough for 2011. The only people that will benefit from the lower priced properties will be people who have large cash deposits or substantial equity in their current home. Unfortunately unless the first time buyer can get a mortgage the homeowners with substantial equity will struggle to move on anyway. Catch 22?
Do Conveyancers have a hidden agenda or are their reasons genuine?
If house prices rise, as predicted by Jones Lang Lasalle, then those conveyancers could very well be right.
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