Strength in Domestic Housing Market Reaches Three Year High
This week the Royal Institute of Chartered Surveyors announced that home sales performance in the UK has hit its highest level since January 2010, with each firms average sales of just under 18 properties per month in the financial quarter ending in May 2013.
House Prices Set To Rise
Thanks to this combination of increased consumer confidence and favorable mortgage options, leading London Estate Agent, Chesterton Humberts are also showing more optimism for the future. In their most recent report, the company have suggested that rises in the national house price of 5.5% can be expected in the coming six months, with total growth rates of more than 28% by the end of 2017.
For the first time in nearly a decade, forecasts from Chesterton Humberts also suggest that the greatest performers in the South West housing market (in terms of overall price gain) will actually be seen outside the Capital. Though London house prices are predicted to rise by an encouraging 6.2% per annum, East Anglia could well pip them to the post with growth figures of 6.3% possible year on year.
Across the rest of the country, areas within the East Midlands, Yorkshire & Humber and the West Midlands are also identified for their future growth potential, with predictions being raised by as much as 25% for some locations.
As always, these forecasts depend on a supply of houses becoming available which can meet the increase in demand, as well as the continuance of the favourable mortgage opportunities that are currently available. However, all signs now point to the fact that an increase in the rate of economic recovery in the UK could well be on its way.
With such a rise in interest for house buying spreading across the UK, rather than being limited solely to the London area, such news has made forecasts for the coming months even more positive. Combine such indicators with the fact that there are more than double the amount of mortgage products now available than there were three years ago, and it is clear that such optimism could provide encouraging signs for property investors across the country.