At Prestige Tax and Trust Services we were pleased to see reports towards the end of last week suggesting that the property market is definitely now on the road to recovery, with nationwide figures showing upward trend in house prices.
Prices have risen by 6.5% through the year to November, which is the fastest growth since July 2010. Despite this however, prices are still 6% below the high of 2007. The average cost of a house in the UK stands at £174,566, which shows a good trend of growth holding firm. There has also been a rise in mortgage approvals this year, which are up by 34%.
Experts suggest that the Government-led Help to Buy scheme is easing the strain for house-hunters. There have been more than 5,000 new-build houses bought in England since the start of the scheme. The programme gives buyers who can only afford small deposits to purchase a house worth up to £600,000 with Government assistance.
First time buyer purchases were amongst the first to show signs of recovery, and buy-to-let levels are expected to increase by 80% compared with figures in 2009. However, purchases involving home-movers have yet to show a significant change, which suggests once-first-time buyers are struggling to take the next step on the property ladder.
These changes in figures suggest that more people are looking to buy and sell houses. If you’re hoping to do so in the near future, you’ll need a conveyancer to carry out a survey of your property before you can move forward with the sale. For more information on the role of a conveyancer, click here, or visit us at the Prestige Tax and Trust Services website.