Think tank predicts one million families to move
Ernst & Young’s Item Club has predicted that the Chancellor’s ‘Help to Buy’ measures will trigger a sharp increase in house moves.
In good news for conveyancers, they believe levels will be boosted from their current low level leading to increased housing-related spending and construction.
The Item Club think one million families will move house in the coming year. This marks a significant increase from the recent level of 800,000.
They believe that the impact of the Help to Buy scheme will be magnified by the combination of rising disposable incomes and increasing affordability.
£3.5bn of government funds will pay 20% of the purchase price, meaning the scheme can underpin 100,000 mortgages worth £200,000 each.