Lees Solicitors - Further Signs of Continued Growth in the UK Property Market - Latest Developments - Joanne McNally

Residential Conveyancing News

Further Signs of Continued Growth in the UK Property Market - Latest Developments - Joanne McNally


Further Signs of Continued Growth in the UK Property Market - Latest Developments - Joanne McNally

Our article in August reported on the upturn in the residential market and we have continued to monitor changes in the market which has seen more activity and further positive data trends.

According to Nationwide Building Society, UK house prices have now recovered to the same level as this time last year and that UK house prices rose by 0.9% in September compared with August - the fifth consecutive monthly increase which is great news for home owners who are in negative equity.

It would appear that the low mortgage interest rates have been helping prospective first-time buyers get their foot on the housing ladder however lenders have been the subject of criticism due to demanding large deposits, which are still preventing the majority of first time buyers in securing a mortgage. It is hoped that as confidence in lending grows, lenders will be more freely offering a higher loan to value when it comes to the amount of borrowing compared to the market value of the property.

The National Association of Estate Agents (NAEA) said that first-time buyers had now returned to the market, followed by home movers. Families wishing to upgrade or young couples needing a bigger house to raise a family were active in the market again, according to NAEA president Gary Smith. This has been backed up by a survey carried out by the Royal Institution of Chartered Surveyors which showed that more surveyors were reporting enquiries from new buyers.

Incidentally, the Financial Services Authority has published figures confirming that there has been a fall in the number of repossessions in the second quarter of this year which is good news for home owners and lenders alike. It is reported that the number of mortgage loans subject to a repossession has dropped by 9% from the first three months of the year to 13,610. The Financial Services Authority commented that low interest rates were slowing down the slide of more borrowers into arrears however people already behind with their payments were still struggling to play catch up with the backlog of mortgage repayments.

On the whole the market appears to be continuing to display steady and continued signs of recovery and long may it continue. Once again we will continue to monitor developments and hope to report further news of positivity. If you are looking to sell or purchase a property, please contact the property department at Lees Solicitors LLP on 0151 647 9381 where we will provide an estimate of our legal fees together with a breakdown of the additional search fees required in each case. This will enable you to budget properly for your transaction. Alternatively please email us at info@lees.co.uk

Joanne McNally

 

This article provides a summary of a recent case/change in law/news item. It is intended for general information purposes only and is not to be relied upon. It does not constitute legal advice and should not be treated under any circumstances as a substitute for legal advice. Lees Solicitors LLP does not accept any responsibility for any loss that may arise from reliance upon the information contained within this article. The copyright in this article is owned by Lees Solicitors LLP and permission must be sought before reproduction or publishing.


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