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2012 - What will the property market hold?
The property market in England and Wales over the last year has been largely a flat one, albeit with London in particular remaining buoyant largely thanks to foreign investment. Indeed, for many of those considering moving, the changes the coming year will bring in terms of property prices could be critical in deciding the next move. As always, predictions are just that and nobody can say for sure what lies ahead:
More of the same
If there is such a thing as a consensus view on such topics, it may be that a similar year to the one just gone is likely. Many within the industry are predicting that the housing market will remain at roughly its current level with regional variations (including a widening North-South divide) evening out nationwide. The Halifax have pointed to the ‘highly resilient’ nature of the market in their forecast while predicting a continuing subdued but stable market.
While many see little change in property prices in 2012, predictions of further misery for those looking to sell their properties are unfortunately also rife. A combination of factors including high levels of unemployment, difficulties obtaining mortgages (especially for first-time buyers) and general uncertainty over the economy means that things may get worse still yet.
Shoots of growth
While a resurgent housing market is seemingly not on many experts’ horizon, the shortage of homes means that some commentators are predicting the first signs of recovery for the market. The Centre for Economic and Business Research (CEBR) has predicted an increase of 15% over the next four years with prices rising by 1.6% in 2012, the low interest rates on mortgages allied with high rental costs serving to encourage ownership and counteract the problems outlined above.
What is clear however is that the year ahead will again be a challenging one, something that In-Deed’s Chairman Harry Hill is all too aware of, acknowledging that ‘great service and value for money propositions in all areas of life will be increasingly important’. He goes on to say that ‘In-Deed intends to continue to achieve and exceed our customer expectations whether buying or selling a home anywhere in England or Wales’.
As in 2011, if you do decide to take the plunge and buy or sell property, we’ll be delighted to help here at In-Deed. We genuinely believe that our competitively-priced service will be the easiest way to push your transaction through, whatever the price. If you’d like to hear more about what we can do for you, please don’t hesitate to get in touch with one of our team.