The Good News Keeps Rolling In
The national news may have told us that the country is still in recession with unemployment still rising and things could not be much worse but on the property front the good news just keeps rolling in.
Two recent reports from the Land Registry and from Nationwide Building Society have indicated that prices are still rising although only by nominal amounts which are hard to discern. Another report has indicated the cost of moving has actually fallen in the last ten years. This is this mainly a reduction in the cost of Conveyancing, surveys and removals all of which are down between 10-25% although there has been an added cost from the much maligned HIP. In addition up until the end of this year there is a stamp duty holiday for properties up to £175,000.
Another report out from the RICS has indicated that demand for first time buyers is rising whilst buy to let investors are now gravitating towards houses rather than flats. The latest RICS survey from chartered surveyors has reported a positive net balance for 11 consecutive months. Andrew Oulsnam commented “house price falls and lower interest rates have gone a long way to tempting first time buyers back into the market, however buyers still need to have great deposits to access the market with lenders remaining generally cautious. This is making it hard to translate this interest into hard transactions. Meanwhile the firmer tone to the market has also rekindled enquiries from buy to let investors, albeit in a more measured way than was visible prior to the onset of the credit crunch”.