Positive Trends Point To Better Year For Property Market

‘Several Factors’ Hint At Confidence Emerging In 2013

08.01.2013

Conveyancing specialists have revealed they are expecting 2013 to mark a fresh start for the property market, with several positive signs emerging which hint at a growing level of confidence could have a significant impact on the sector.

Irwin Mitchell’s specialist Conveyancing team, which provides expert advice to those both buying and selling property, said recent research provided ‘welcome signs for the year ahead’.

After a difficult few years, an encouraging 2012 has given property experts renewed optimism for the coming months, with several studies indicating that improvements will be seen despite the continuing economic gloom.

Property website Rightmove has forecast that asking prices are likely to increase by a national average of two per cent across 2013. The same figure was also predicted by the Royal Institution of Chartered Surveyors, which added that the number of transactions will increase by around three per cent to 960,000.

Figures released by Zoopla.co.uk also highlighted a rising interest in high-value properties, with increased demand meaning more than 47,000 new ‘property millionaires’ were created across 2012.

Eve Lake, a conveyancing expert at Irwin Mitchell, which acts on property sales across the UK,, said: “While 2012 proved to be another tough one for the property market, there are fairly strong indications that improvements will be seen in the coming months.

“As well as Rightmove and RICS revealing positive forecasts, the Council of Mortgage Lenders recently reported if current improvements in lending continue, next year should feel more stable and positive in the housing and mortgage market.

“There are also significant signs that buy-to-let and high-end properties remain in demand despite the recent economic doom and gloom, with it seeming highly likely this will continue.

“It remains far too early to say anything for certain, but all in all it is shaping up to be a much more positive 2013 for the residential property market.”

Eve added that a variety of factors could underpin the upturn in fortunes which is expected in the coming months.

She outlined: “Organisations have pointed to competition amongst lenders and the availability of mortgages as among the key factors behind their predictions.

“However, we also feel that greater awareness of schemes such as the NewBuy initiative and more recognition of how the cost of buying now compares favourably to renting will play a huge part in encouraging homeowners to take the plunge.

“In addition, we have also seen growing interest and activity around the buy-to-let market, with many people sensing an opportunity in this area.

“It is also a simple fact that, for many people, the New Year marks a new start for so many people. Many people will be thinking about their options and, viewing the conditions in the market, may simply feel the time is now to think about a move.”