Despite the uncertainty within the market during the general election, the latest index to be published shows a rise in house prices across the UK, reports Richard Carr.
Home.co.uk’s index showed a rise in all regions of the UK, reflecting an increase in widespread confidence in the property market. The increase was even reported in areas which in the past have struggled such as the North East and North West.
Thankfully, with the Conservatives re-elected this trend is likely to continue with their ‘Help to Buy’ and mortgage guarantee schemes providing vital help for first time buyers. The report also cited that the ‘Right to Buy’ scheme and an increase in new homes being built will ease the current supply problems.
Over the past 12 months regional markets across the UK have gained momentum, whereas the Greater London market has seen properties spend 14 days longer on the market than a year ago.
In England and Wales, house prices rose by 0.8% in the past month, whilst the supply of property for sale is up by 8% compared to a year ago.
“2015 is already looking like a more sensible and sustainable year for the UK property market. Confidence is growing in the northern regions and the London market has managed to exit a period of frenzied growth without a major catastrophe,” said Doug Shephard Director at Home.co.uk.
“Now we have the election out of the way, much uncertainty in the market has evaporated. Moreover, property prices are rising at a far more sustainable rate than we witnessed last year,” he added.
Home.co.uk report also highlighted the strength of the buy-to-let market now that the threat of Labour’s rent controls had passed. The market is attractive to both first time buyers and as a source of retirement income.
The government’s support schemes and guarantees has benefitted first time buyers provided the king of grassroots stimulus that the market needs.
Richard Carr believes that this latest report mirrors what he was saying regarding a resurgence of property market in all regions of the UK, if the Conservatives were re-elected. He says we have one last hurdle to cross and then we will be off the ‘EU’.