Will I be able to Sell my House Quick in 2013
House prices set to remain stable in 2013
A new report from analysts Jones Lang LaSalle believes that house price growth will remain relatively weak during 2013 and it doesn’t believe that property prices will start to move fast until 2014. Unfortunately, for those who are trying to sell their house quick the property market will still remain tough for at least another year.
At this time of year many home sellers decide to bury their head in the sand and wait until the Christmas period is out the way until they start taking better action to sell your house fast. This new report doesn’t predict that things will change much during 2013 and that average house prices across the UK will only rise by 1% throughout the duration of the year. On a more positive note the analysts believe that things will start moving more quickly in 2014 and they have described that we will be in “first gear during 2013 and this will move to second in the following year.
Lack of new homes will help to sell your house
The report predicts that only 115,000 new build houses will be built in 2013 which is half the amount that’s required to meet demand. It also believes that 150,000 homes will be built per annum between now and 2017. For the existing home owner this is good news for a couple of reasons. Firstly, a lack of new homes being built means that there will be more demand amongst existing home sales. Secondly, more demand coupled with less available homes should push prices up. This is exactly what has happened in London where there is a severe lack of property’s and new builds are now scarce.
Rental prices are set move quick
As has been discussed before a lack of mortgage availability has forced many would be buyers to rent. Because of this the demand for rental property’s is on the rise and this is forcing prices upwards. Jones Lang LaSalle believe that average rental prices throughout the UK will increase by 3% during 2013 and by 6% for London.
Transaction levels should improve
The analysts also believe that transaction levels will hit the one million mark during 2013. This is positive news as it is the lenders who have largely held the market back. we have always said that until the lenders start reverting back to their old ways the market will remain constrained. Tough lending criteria will still remain but a slight loosening of belts is predicted for next year. Still, even if we do hit the one million transaction level next year this will be around 40% less than we experienced during the peak in 2007.
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