Halifax Report Shows Small Improvement for the UK House Market
New House Data Released Today
The most recent housing data report by the Halifax has just been released. This time round the data only shows a very slight improvement for those who wish to sell their house quickly. Most significantly there has been a slight increase in the amount of property transactions since last year. This figure has increased by almost 10% since the same time last year. This should be promising news if you are looking to sell your house fast as the lack of activity in the market mainly due to the inability of buyers to obtain a mortgage, has been the main factor that prevented offers being made on your home. Now that there is slightly more activity in the market you may see some more interest.
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In terms of average house price this has also shown a slight increase, currently standing at £162,000 which is less than a one percent gain since the same time last year. The chief economist at Halifax has said that these figures show stability and property prices are hardly changed over the past three months. He also tried to lighten the mood by saying that these stable figures show some strength since we have once again officially entered a double dip recession.
First time buyer market makes it difficult for you to sell your house quickly
Halifax have also dedicated a portion of their review to discussing the first time buyer market. It has shown that affordable properties for the first time buyer market are now just as affordable as they were 10 years ago. Not only that but the report shows that there have been approximately 110,000 first time buyers in the first half of 2012, a figure which is a third higher than for the same period last year.
A couple of factors have caused this. Firstly, there was a first time buyer stamp duty holiday which came to an end during March. Figures do show that there was a flurry of activity up and until march from those wishing to purchase without having to pay the stamp. This special holiday doesn’t exist anymore so this influx of activity may be seen as fabricated. What has made a real difference for this side of the market is the introduction of new government home buy schemes that assist new buyers with their deposit, meaning that quite often they only have to put down a deposit of 5%. These schemes are only available on new build homes, so unfortunately for those who wish to sell their existing home fast. The fact that many would be buyers are able to buy a new build home through these initiatives means that there are less buyers interested in buying your existing home.
The UK Government are probably very pleased that they have allowed more buyers get on the ladder and at the same time they are meeting their requirements to build new homes for our ever expanding Great Britain. What they have failed to acknowledge is the help needed for existing buyers wishing to purchase existing homes which is the is being hampered by their current initiatives.
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