It wasn’t long ago that the property market in the UK was at an all time low; with worryingly low numbers of people purchasing houses. However, since the Government introduced the ‘Help to Buy’ scheme, the state of the property market has gone from strength to strength – and it looks to only be getting better.
Not only are house prices rising, with the average price of a house in the UK now at £209,923, but the number of sales is also on the up, and is currently at the highest it has been for the past three years.
Studies by the real estate analysts Sequence have shown that there are now around seven buyers for every new property nationwide in the UK – which is a record high – and in London a massive fourteen people are competing for every property coming on to the market.
With this rise in the number of sales and number of prospective buyers wanting to join – or move up – the property ladder, it is not surprising that the number of mortgage applications has also significantly increased. This corresponds with the Council of Mortgage Lenders’ recent study, which showed an annual increase of 37% in mortgage lending in the month of October.
As the Help to Buy scheme continues to become more and more popular, the forecast for the property market over the coming years looks very bright.
Ellie specialises in residential conveyancing and the buying and selling of property as part of our team of residential conveyancing solicitors in Leicester.