Expert Reacts To Recent Research

The general lack of confidence among consumers is continuing to impact on the amount of activity in the UK property market, an expert has suggested.

Lisa Shenton, a partner at Irwin Mitchell who specialises in conveyancing, commented after a range of studies highlighted the continuing difficulties impacting on those looking to buy and sell homes.

Research from Halifax last week revealed that house prices rose 1.8 per cent during October month-on-month, although an underlying downward trend is still being recorded. The body suggested that this continues the mixed picture seen in terms of rises and falls across 2010.

Elsewhere, previous figures published by the British Bankers’ Association highlighted that mortgage approvals were well below the level that economists believe is needed to sustain house prices.

Discussing the research, property expert Lisa Shenton said: “The recently published stats highlight continuing difficulties in the housing market faced by both buyers and sellers across the UK.

“While the VAT increase on January 4th 2011 may lead to an increased level of completions in the run up to the New Year, there is still a lack of consumer confidence in the market.”