The “For sale by owner” website The Little House Company predict an improving situation with the UK?s housing market for 2013. The prediction is based on the websites unique experience from the private sales sector and information from The Council of Mortgage Lenders and The Royal Institute of Chartered Surveyors.
The private house sales website predications for 2013:
1.) Mortgage companies will introduce more products that will allow buyers to buy with smaller deposits. Evidence of this already exists as The Nationwide Building Society offer low deposit deals for customers that save with them for 6 months.
2.) People selling without an estate agent will price realistically to sell their homes. Many private house sellers have taken their homes off the market and plan to sell in the New Year. These home owners are now determined to sell and have psychologically adjusted themselves to selling at a lower price.
3.) UK house prices will generally remain flat, but there will be localised house price rises led by demand.
4.) London will see house price gains being fuelled by international buyers and those seeking a foothold in London. This is a continuing trend as London is viewed as a safe haven for prime property buyers.
5.) Reduction in employment figures will increase buyer confidence and will help owners feel that this is the right time to move on. This months evidence from the Office for National Statistics indicate that unemployment has fallen. This trend will continue as the private sector grows, employing more people.
6.) Rental prices will increase making buying a property cheaper. Low mortgage rates will remain as the Bank of England keeps inflation under control.
7.) More first time buyers will enter the housing market as new mortgage products are introduced and renting becomes too expensive. Many first time buyers who have been saving for high deposit mortgages will find new mortgage products that require smaller deposits.
8.) Pent up demand from frustrated homeowners who need to move for a variety of reasons will result in increased properties listed for sale.
9.) People selling homes privately without an estate agent will increase as homeowners look for alternative methods to save money buying and selling property. Estate agents fees will be the main incentive for sellers to sell direct and use services like those available at The Little House Company.
10.) Property investors will return to the market and snap up distressed properties and benefit from increased rents.
The Little House Company Director Nick Marr ? Our optimism is based on some hard facts and from the Council of Mortgage Lenders and The Royal Institution of Chartered Surveyors. Both of which indicate an improving situation in the UK property market”
In November 2012 figures from the Council of Mortgage Lenders (CML) indicate that mortgages taken out by first-time buyers saw a sharp increase by 14% compared to the month before.
The Royal Institution of Chartered Surveyors reports that house prices remain broadly flat in November, while the number of sales continues to edge up.
The Little House Company believe these facts plus the pent up demand from people who need to move will mean a better 2013 for the UK housing market.
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