Whilst property prices are rising, they have slowed - in the three months to March this year prices were 8.1% higher then the first quarter of 2013. Good news for vendors!
Another boost to housing market confidence is the attitude to perceived barriers to property purchase. The ability to raise a purchase deposit remains the biggest concern – 61% (60% a year ago). Whilst job security remains the second largest worry, this was cited by only 44% people, compared with 51% last year. The Halifax’s Housing Market Confidence Tracker also shows that only one is eight people think that interest rate rises would prevent them form being able to buy a property.
Craig McKinlay, Mortgages Director at Halifax, said: “We’ve seen a strong start to the year in terms of the net sentiment regarding the outlook for the housing market, and this has translated into an increase in transaction volumes. This increase in optimism is likely to be the result of a combination of factors, including the improving economic figures, greater numbers of higher loan to value mortgages, and extremely competitive mortgage rates.”
Jason Dyer of JTM Homes added: “The boost to confidence combined with this traditionally busy time of year for our housing market has increased interest in our north London properties.”
“If you are thinking of selling your property, now is a great time to act. We have plenty of serious vendors, especially as some great fixed-rate mortgages have been launched.”
Why not ask for a valuation of your property? We’ll give you honest feedback without obligation. Talk to the team at JTM Homes. You may be surprised at what you could achieve and how flexible we are.