Once again as we reach the end of the year the question that I am being asked the most regarding the 2014 property market is ‘what are house prices going to do next year and will there be more properties coming onto the market?’
Whilst I would love to be able to accurately predict what might happen, my personal view is that 2014 will largely mirror 2013 in that house prices are more likely to increase again as a result of the continuing in balance between supply and demand.
Whilst the government have done what they can to strengthen both demand and confidence by introducing the likes of the ‘Help to Buy’ scheme and encouraging the planning authorities to consider more residential house building, the ‘core’ residential housing market continues to operate on a considerably lower number of transactions than in previous years. Also on the basis that interest rates will remain at the current levels and the fact that lenders are increasingly relaxing what was their previously restrictive lending policies this again leads me to assume that demand will increase even further.
So in my view next year will be similar to this year and until the number of houses coming on to the market increases substantially the challenge that all buyers face is that they will need to be ready for when the ‘home of our dreams’ comes onto the market, as the chances are that somebody else might want it as well.
Feel free to contact me if you have any questions you would like to discuss about the local property market or if you are thinking of buying or selling a home.
Stephen Tetlow, Sales Director (Hartley Wintney)
01252 844015 firstname.lastname@example.org