Positve vibes in housing market
This year should see a fresh start for the property market, according to the specialist conveyancing team at Sheffield law firm Irwin Mitchell.
The team cites competition amongst lenders, the availability of mortgages and greater awareness of schemes such as the NewBuy initiative as among the key factors behind a potential improvement.
It says the fact that the cost of buying now compares favourably with renting and growing interest and activity in the buy-to-let market could also stimulate the market.
Eve Lake, a conveyancing expert at Irwin Mitchell, which acts on property sales across the UK, said: “While 2012 proved to be another tough one for the property market, there are fairly strong indications that improvements will be seen in the coming months.
“As well as Rightmove and RICS revealing positive forecasts, the Council of Mortgage Lenders recently reported if current improvements in lending continue, next year should feel more stable and positive in the housing and mortgage market.
“There are also significant signs that buy-to-let and high-end properties remain in demand despite the recent economic doom and gloom, with it seeming highly likely this will continue.
“It remains far too early to say anything for certain, but all in all it is shaping up to be a much more positive 2013 for the residential property market.”