So far 2014 has been action packed in the property world, with house prices continually on the up and George Osborne announcing new measures in the budget that will affect the entire housing industry.
A survey from Halifax has found that over 50% of people think that 2014 is going to be a good time to sell a property, demonstrating an increase in confidence in the property market.
This is the first time that there has been a higher percentage of people predicting the next year to be a good time to sell, than those who predicted it to be a bad time to sell, since April 2011. 2000 people were surveyed altogether and 51% of those asked believed 2014 would be a good year to sell a house.
The Office of Budget Responsibility has now changed its predictions for house price growth over the next five years from 15% to 27%. Equally important for those thinking of selling their house this year, the forecast for transactions is predicted to rise around 12% for next year and the one after.
Research found that those living in the North East of the country were more optimistic about 2014 being a good time to buy and sell. LSL, who own Your Move and Reed Rains, have found that for the first time in three years there has been price increases in all regions of the country, the highest being 26% in East Anglia.
Martin Ellis, Halifax housing economist, said:
“The recent strengthening in house prices is increasing the amount of equity that many home owners have in their home. This will potentially encourage and enable more owners to put their property on the market for sale over the coming year, therefore boosting supply.”
Halifax has predicted that house prices will continue to rise, with a potential price increase of 4-8% over the coming year; this is a similar pace to that of 2013. Experts say that a lack of homes due to an increase in demand, helped by schemes such as Help to Buy, have caused the increase in housing prices, but with confidence growing in the property market this year, supply could also increase.
What about the decision to rent or get your foot on the first rung of the property ladder? Hamptons International have found that there has been a recent trend of first time buyers moving out of London to buy a house 20+ miles away with a 12% increase in London buyers registering with their country offices.
The Chancellor, George Osborne, recently announced that more new homes around the country are being built, with the Government promising a £1 billion fund to boost any stalled developments, bringing more available property onto the market.
There can be no doubt that 2013 was the year that the UK housing market made a great recovery, so if you are thinking of selling your house then 2014 could most definitely be the year to make the big move.
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