Reasons to Buy a House this Summer
There may be some good times ahead for sellers across the UK who have had their properties sitting on the open market for a while, the situation of not having much traffic through your door may improve with predictions of more people looking to buy a house this summer.
House Prices are on a upward trend
For many parts of the UK house prices have recently consecutively risen month on month. New figures from Nationwide show that the average property price rose 0.4% during the month of May. Nationwide also commented on this rise by saying that there are good reasons for why the property market is picking up pace. The average house price now stands at just under £168,000 this is now significantly up from the recent historic low of £154,000 during the second quarter of 2009. Prices have now steadily increased for a consecutive eight months and many will be viewing this as an opportunity to join the property ladder bandwagon, giving you more opportunity to sell your house.
First time buyers are re-entering the market
According to a recent article from The Telegraph first time buyers are starting to enter the market in floods. Statistics show that the average price paid by a first time buyer rose a whopping 2.7% during March standing at £125,799 this increased from £122,735 during February. A fear of missing the next property boom and getting on the ladder is fuelling the hunger for first time buyers. This is also coupled with more easily attainable mortgages and even a Government help to buy scheme which has helped to make the previously impossible during the crash become a reality for many buyers across the UK. It’s also god to know that the Government help to buy scheme is not just restricted to new builds and should help drive traffic to your existing home.
Mortgage lending is at the highest level since the crash
New figures from the council of mortgage lending shows a 4% increase during April and £12.1bn mortgages were issued during April compared to £11.6bn in March. Surprisingly this is up almost 20% since the same time last year and with more people able to attain finance that technically means there are 20% more people available to make a property purchase. It also makes life easier for the we buy any house companies as they often require investors with mortgages to purchase your home. These figures are certainly positive and set a new upward trend, however sellers should be cautioned to not get too excited as there is still more supply than demand and mortgage lending is still at around half the amount as it was before the crises.
In summary, a combination of a new optimism that prices should steadily increase and more people able to get mortgages should convert to a good pool of buyers this summer. Also, traditionally the summer has been a popular time for those wishing to move home as it gives the kids an opportunity to join a new school before the yearly term begins. As the months roll on it’s expected that the climate should become even more favourable for those wishing to buy a home and just this morning Savills announced that a further 50 lenders are looking to provide finance. For more information on the process of buying a house you can take a look at our slideshow.
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