Property market on ‘nine-year high’ says expert
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The property market is “on a nine-year high”, according to a leading expert.
The comment follows latest results showing the number of people moving home in the first half of 2016 was significantly higher than the same period last year.
The Lloyds Bank Homemover Review showed that 174,000 people moved into a new property between January and June, up nine per cent on a year ago, and almost 50 per cent more than the 2007 low.
According to property specialist and national sales director at Leaders, Kevin Shaw, this is reassuring news counter to suggestions that Brexit uncertainty affected the second quarter.
He said: “The latest results mark a nine-year high for the property market, with a huge number of people keen to get on with moving up the ladder.
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“While some industry observers predicted Brexit would have a negative impact on the market, the reality has proven to be quite the opposite.
“Even after the referendum result, we witnessed an upturn in the number of sales instructions and the amount of viewings being requested by prospective buyers.”
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He explained that several key factors combined to create favourable conditions for sellers and buyers right now - including record low mortgage rates, effective support schemes for first-time buyers and the stamp duty changes announced in December 2014.
A peak in the number of those who moved home coincided with a period of sustained growth in house prices, with the Lloyds study revealing the average price by buyers grew by 38 per cent - from £206,997 to £261,504 between 2011 and June this year.
Kevin added: “House prices continue to rise at a steady rate, making it a great time to sell. Indeed, many people may be unaware of just how much their home is now worth.
“Rising prices have boosted equity levels for thousands of homeowners across the UK, making it easier for them to take the next step up the property ladder.”
For more information from Leaders – one of the UK’s largest residential property groups with more than 115 branches – visit www.leaders.co.uk.