Confidence and prices are rising in the housing market
As the confidence in the housing market is rises, house prices are set to increase by over £10,000. According to Zoopla.co.uk who carried out the survey, almost three quarters of homeowners surveyed out of 4,000 expect the values of the properties in their area to increase by an average of 4.5%. This would mean an extra £10,152 on a house worth £225,601.
This news is backed up by official figures which reported a higher than expected growth in the economy for the first three months of 2013. According to property experts, the instrumental part to the recovery of the housing market has been first time buyers who have had access to competitive rates.
Schemes such as the Governments Funding for Lending Scheme which has offered mortgage lenders access to an £80 billion pot of money to provide cheaper mortgages for homebuyers has helped the recovery of the housing market. More good news is from 2014, the Governments Help to Buy Scheme will be up and running designed to support up to £130 billion worth of higher to loan value mortgages.
A quarter of a million properties have sold since the beginning of 2013 which is the highest figure since 2010 according to the Royal Institution of Chartered Surveyors and believe it or not, more good news is on the horizon! House prices are expected to jump up by £45,000 by 2018 which is an average of £25 per day!
House prices are riding most steadily in London and across the South East but homes in the West Midlands have sold the fastest this year displaying the second highest increase.
What do you think of the predictions made by the property experts? Do you think your house price will increase substantially over the next few years?
Amanda McGovern, Pali Ltd
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