Property market on ‘nine-year high’ says expert
Good news for the property market - Credit: Getty Images/Wavebreak Media
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.
You may also want to watch:
“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.”
Most Read
- 1 Major redevelopment underway at listed former offices in St Albans
- 2 Flashmob celebrates re-opening of St Albans high street
- 3 Call from St Albans Museum for start of Ramadan
- 4 Punch Taverns calls time on White Lion pub team
- 5 What are our district's cases like now lockdown restrictions have eased?
- 6 Elderly care charity set to close due to pandemic pressures
- 7 April 12: Your guide to what can open from Monday when COVID lockdown rules ease
- 8 What are the district's best pub gardens to visit from April 12?
- 9 Drug users at Telford Court flats face tough police action
- 10 St Albans-based pharmacy association celebrates centenary
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.
