The prices of the propertiesin the UK showed a significant surge since the end of last year, as demand in the country is on the rise whether it’s London, Headingley or anywhere else. In fact, according to latest report of Independent a report has revealed that the prices of the houses in Great Britain were 2.3 percent more high between April and June as compared to the last three months. On the other hand, the Halifax Index has depicted that the prices of the houses though showed a decline of 0.6 percent in June in contract to May, but they were still 8.8 percent higher than the price noted during the same month in last year.
Currently the price of the house stands at £183,462, while the Nationwide stats showed an increase in the annual rise as it was more than 11 percent. However, Robert Gardner its chief economist has predicted that the growth rate in this sector would soon start to slow down. That’s not all the overall sales of the houses decreased by three percent during May, falling below 100,000 for the very first time during this year. In spite of it the number of transactions was up by 15 percent than this time during 2013.
According to Mortgages Director, Stephen Noakes the increase in the housing demand was also supported by economic recovery that is swiftly gaining pace. While SPF Private Clients’ chief executive of mortgage Stephen Noakes said that in contrast to month-to-month average three month average is more reliable. The director also said that real estate agents have been reporting that the numbers of applications are falling down. Moreover, small number of sealed bids, open houses and some moderation is coming back to the market, said Noakes.
Stephen also said that with the passage of time as more property is coming up for sale, vendors are getting worried because they believe that sellers may have missed the opportunity, as the heat has already started coming out of the housing market. Moreover, an increase in the interest rate is also expected that is affecting people’s enthusiasm to take more debt, said Noakes. Adding to it, Mortgages Director said that though fixed rate of mortgages are inexpensive but now they are slightly moving up too.
Noakes said that the mortgage market has affected housing sector but they believe that it’s temporary and in the new regime lenders will be able to tighten their grips. The co-founder of Placebuzz.com, a property search engine, Andy Hatoum agreed with Noakes, as he said that month-on-month drop in figure should only be taken as pinch of salt as the overall trend is ‘still skyward’.
Thus, it seems that buyers will not have to worry too much about the decline in the prices of houses, as jump in the sector at this point in time is likely to bore fruit for them. Particularly, the ones’ looking to invest in university towns like Headingley, Leeds, where Oasis Properties has been offering top notch services since last 15 years.
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