What does 2014 have in store for the Property Market?

What does 2014 have in store for the Property Market?

Finally in 2013 the UK’s property market has drastically picked up. Houses prices rose by 7.7 per cent throughout the country according to Halifax. The Help to Buy Scheme was launched to help first time buyers and existing homeowners move up the property ladder. Overall 2013 was a successful year for the UK’s property market and showed hopeful signs of revival.

The general prediction is the 2014 will show much of the same for the property market as 2013 did. With more confidence being injected into the property market it should continue to guide increasing house prices and transactions. With ever increasing need of properties it could be a year for making these changes and supplying the demand. Miles Shipside of Rightmove said, “We have experienced a 21 per cent year-on-year increase in traffic, with mortgage still historically cheap and interest rates set to remain stable if you’ve been putting off a good reason to up sticks, it could be opportune to make 2014 the year to move.” People are making use of the capital growth in London and moving towards the country suburbs and surrounding areas where they can afford larger properties and more for their money.

However with an increasing number of home owners there is worry on the horizon that interest rates on mortgages may rise, leaving many people with un-affordable mortgage repayments. Around 600,000 homeowners spend half of their income on mortgage payments, if interest rates were to rise this would leave more people less money for food and bills, this is something to be considered as the property market continues to improve.

 

Are you planning on moving this year? Let us know your thoughts on what 2014 will entail for the Property Market