Market confidence increases

According to the latest National Housing Market Monitor from haart confidence has returned. However, the housing market is constrained by a shortage in supply.

Whilst total new buyers have increased by 27.9% annually, new properties for sale have decreased 4.4%, constraining actual sales to a 3.5% annual increase.

A large percentage of these were first time buyers with a 76.2% increase in first time buyer numbers.

In London this figure was up at over 100%. UK property prices are up 3% annually, and 1.4% over the last month.

Paul Smith, CEO of haart, said: “Bank of England Governor Mark Carney’s recent promise to keep interest rates at 0.5% until unemployment drops to 7% – drawing on the US and Canadian models – is fantastic news for the property market.

“It heralds increased stability over the coming years with lenders able to offer attractive locked in deals.”

Do NOT follow this link or you will be banned from the site!
X