What is happening in the UK housing market?
We discussed last week about the benefits and advantages of using local solicitors and their professional conveyancing team to guide you through the process of buying or selling a house. The housing market has been lethargic for a period of time. However, most housing reviewers and critics over the last 6 months have been in agreement that the housing marking has started to wake up and belief and confidence seem to be returning!
If you are in a position to and are thinking about investing in a first or subsequent move it may be a good time to speak to our conveyancing team about the process.
If you have found a property and had an offer accepted or accepted an offer on yours the timing is right to discuss the next steps. If you are a buyer you need to ensure you have a good “title” to land; that the seller has a right to sell the property. Conveyancing is the transfer of legal title of property, the exchange of contracts and completion.
For those who follow the statistical data you will be aware that Hometrack (a specialist in collating, analysing and interpreting data) predicted in November 2012 that houses will continue to fall this year and would not stabilise till 2014. Yet, Halifax has issued information stating annual house price inflation of 5.4 % which indicates that the property market’s is changing.
It is now Oct 2013, let’s have a look at some facts and figures over the last few months, Did you know?
1. In April 2012 average house price was £163,803, August 2013 it has risen to £170,231 an increase of £6,428 (Source: Halifax.)
2. In April 2012 average property excluding flats was £228,385, August 2013 it has risen to £245,505 Increase of £17,120 (Source: BBC).
3. Across a third of the UK, house prices have grown since 2012- Highest price growth since 2007. (Source: Hometrack)
4. In April 2012 the average time to sell a house was 11.6 weeks, August 2013 it had dropped to 8.1 weeks. (Source: Hometrack)
5. The average proportion of the asking price achieved on property sales is up to 94.6% compared 93% in April 2012. (Source: Hometrack)
6. Unfortunately we are still seeing high stamp duty charges on houses or flats:
1% £1,000 on a property valued at £200,000.
1% £2,500 on a property valued at £250000.
3% £10,500 on a property valued at £350,000.
4% £24,000 on a property valued at £600,000.
5% for property between £1,000,000 and £2,000,000.
7. Approx. 40% of homeowners (Approx. 8.6 million) people do not have a mortgage on their homes.
One last piece of information, are you wanting to be in a new house at Christmas?
If so there are only 92 conveyancing days left, 13.1 weeks, so contact us on firstname.lastname@example.org or 01457 835597 to ensure your house move runs smoothly.