property market news today - Property Market Predictions for 2012 : According to a recent forecast from the Office for Budget Responsibility (OBR), it’s predicted that there will be a 20% rise in transaction activity within the housing market in 2013. However, house prices are also predicted to rise by 4.5% in 2015-2016 which could have a knock on effect.
The transaction surge is good news for the property market, as it has seen extremely low sales levels during the recent economic turmoil. Figures from HM Revenue & Customs revealed that sales for 2011 were down 5% compared with 2010.
The official statistics from OBR suggest that the number of people buying property in 2011-2012 would fall by 3%, but then surge by 20.7% in 2013-14. In terms of cost, house prices will be 0.9% cheaper in 2011-2012, but then rise by 2.7% in 2013-2014. Meaning advice is to buy in 2012, if you can afford to do so.
BNP Parabis Real Estate revealed statistics suggesting that between 2000 and 2016, house prices in London will have risen by more than 40% in total. “London & South East growth in house prices are so dominant that by 2016 they will pull the UK average growth per annum up to 2.4 per cent despite most other regions only forecast to grow by 1 per cent.”
The lack of first time buyers is worryingly low, as those stepping onto the property ladder are forced to rent, as mortgages and deposits are at an all-time high. In the South East and East Anglia, demand is for family homes with good transport links rather than apartments in town centres which are being constantly developed.
The property market remains in a worrying state. Many Londoners are being forced to look outside of capital for homes, as mortgages are simply too high.
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