‘Exciting 12 Months Ahead’ For Property Market

Legal Experts Say Price Rises And Popular Initiatives Point To A Positive 2014


The next 12 months are set to be an exciting time for the property market with rising house prices, the popularity of Government initiatives and general forecasts of increased activity pointing towards a very positive 2014, according to legal experts.

Irwin Mitchell’s specialist Conveyancing team, which saw its instructions to help those buying and selling property rise by more than 10 per cent in 2013, said this year has begun with growing evidence that there are reasons for both first-time buyers and those planning a move along the property ladder to be cheerful.

The latest housing market confidence tracker from Halifax has revealed that 51 per cent of homeowners believe 2014 is the right time to sell a property, with 63 per cent also stating that the next 12 months may also prove to be a good time to buy.

This research follows Prime Minister David Cameron’s announcement that more than 6,000 people have put in offers on a home and applied for a mortgage since the launch of the Government’s flagship Help to Buy initiative, which includes support such as a mortgage guarantee scheme.

Latest statistics from the Land Registry have also shown that house prices were up 3.2 per cent in November compared to 12 months earlier, with the average house price now standing at £165,411.

According to Helen Hutchison, a specialist conveyancer at Irwin Mitchell, all of the recent research clearly indicates good times are ahead.

Expert Opinion
The past few years have been obviously very difficult for the property market and while optimism began to grow in 2013 – with our instructions increasing by more than 10 per cent from 12 months earlier – confidence levels look set to soar in 2014.

"One key aspect of this will be the growing awareness of schemes such as Help to Buy, with the Government stating that two-thirds of the UK mortgage market are now offering products as part of the initiative’s mortgage guarantee scheme. Paired with households also making use of equity loans, the impact Help to Buy has had should not be underestimated.

"However, mortgage availability in general has improved and led to increased competition among lenders.

"This all helps consumers in the long run, a large number of whom will view the New Year as time for new start. Many will be assessing their options and considering the conditions of in the market, so the good news which is permeating the sector is only going to encourage such people to think about a move.”

"The growing number of first-time buyers is very positive for numerous reasons, specifically as it has a knock-on effect for those looking to sell a second or third property and allows them to move up the ladder.

"Regardless of your circumstances however, we would encourage anyone planning a move – whether through the support of Help to Buy or otherwise – to ensure they speak to legal experts alongside agents and a mortgage provider.

"Having the right support can be vital in ensuring that the right checks are undertaken on property and provide reassurances which mean you are able to tackle a house move in the smoothest possible manner."
Helen Hutchison, Associate