THREE separate surveys in the last couple of weeks have indicated a more positive outlook for the housing market, possibly helped by the recent Government initiatives aimed at breathing new life into the sector.
In their Residential Market Survey, the chartered surveyors organisation, RICS, said demand for property in April reached a three-year high. They put this down to the Government’s Help to Buy scheme, which was launched in April and aims to make the aspiration of home ownership a reality for people across the country.
The survey also said that the supply of new homes increased modestly leaving not enough housing to meet increased demand. This has lead to prices finally beginning to improve.
Adding to the positive feelings surrounding the housing market, the latest New Homes Index has reported a 4.!% annual change in the average price of a new home, which is now up to £236,122.
While an increase in prices is not such good news for home buyers as it is for home owners, the fact that they are on the up could indicate a return to confidence in the housing market.
Good news for people on all rungs on the property ladder.
Home owners who aren’t moving house, but who simply want to re-mortgage to a better deal are also doing so in increasing numbers, the latest statistics from Legal Marketing Services suggest.
They said 66% of those remortgaging in April were doing so to take advantage of lower rates.
They attributed this partly to the Government’s Funding for Lending scheme which has encouraged competition in the remortgage market.
Following several years of quite a gloomy outlook for the housing market, the signs are positive and this can only be good news for homeowners.
For further information on Stephensons’ Residential Property and Wills and Probate services, please call 01942 774395 or visit www.stephensons.co.uk.