Positivity continues to reign over South East England’s property market following confirmation from the Land Registry that, whilst property prices dipped in parts of England and Wales last month, Surrey and Windsor saw a rise of 1.4% and 1.6% respectively – a 12.5% increase when compared with the same period in 2013.
The findings are announced as many lenders are reducing their rates in order to attract potential applicants before the end of 2014.
Mark Finnegan, Director at Complete Mortgages, a Guildford-based mortgage and insurance brokerage, comments:
“A steady rise in property prices combined with a decrease in many lenders’ rates means that properties throughout Surrey and Windsor represent a sound and more accessible investment. Buying a property often falls down to market conditions and the banks’ willingness to lend, both of which are currently in the favour of homeowners in the South East of England. With rates at their lowest for some time I would advise those on the cusp of applying for a mortgage to start looking at their options now before lenders change their rates or property values rise too sharply to the point whereby any potential gain is cancelled out.”
New forecasts that the housing market is edging ever closer to recovery with property prices set to reach levels last seen in 2008 in the next year have been backed by conveyancing specialists at Irwin Mitchell.
The Centre for Economics and Business Research has predicted that average house prices will reach the “significant milestone” of £223,000 by 2014, around 0.7% higher than in 2007 and a figure which would mark the first time prices have surpassed the peak seen prior to the economic downturn.
The CEBR says that the typical home will also be worth £261,000 in five years, which would mark an increase of around a fifth compared to current levels.
Helen Hutchison, a legal expert based in Irwin Mitchell’s Sheffield office, said: “Towards the end of 2012 there were a number of surveys and reports which indicated that the market is slowly improving.
“The likes of the Royal Institute of Chartered Surveyors and respected industry sites such as Rightmove predicted that 2013 would be the year that conditions turn in the general property market, as well as in relation to Buy to Let and high value homes – and this CEBR research is another huge sign that confidence is on the rise.
“It has been several years since the economic downturn kicked in, but the improvements are clearly striking a chord with property owners who are thinking about their options as prices rise.
“This, in conjunction with greater mortgage availability, may help get the market moving once again after several difficult years.”
Sign up to our mailing list and be amongst the first to find out about our latest products, news, & special offers.
FOR RESIDENTIAL MORTGAGES, BUY TO LET MORTGAGES AND INSURANCE
Complete Mortgages Limited is an Appointed Representative of Mortgage Next Network Limited which is authorised and regulated by the Financial Conduct Authority under number 300866 in respect of mortgage, insurance, and consumer credit mediation activities only.