In January there was a rise in UK house prices for the first time since October 2010, with an increase of 1.3% compared to the previous year according to Halifax. It was also reported that property values were down 0.2% in December 2012.
Halifax believes that the outlook for prices was unclear, but that in the three months up to January prices were 1.9% higher than the previous three months and that the average home was valued at £162,932.
Richard Alton runs Alton Mortgages, a whole of market broker based in Maidenhead. Established in 2005, customer service is at the heart of what they do, and they recognise that their clients are individuals with very unique requirements. He says:
“As a whole of market mortgage broker offering independent mortgage advice, I can agree there has been a definite pick up in housing activity in the recent months. Last quarter of last year was very strong and February has broken all records for a February and this includes figures over the last 8 years. I believe that is down to a few factors, the main one is that Funding for Lending has made money so cheap and investors are getting no return on their savings so are buying property.
“We are also seeing a lot more people buying property at asking price rather than making offers and also in the last week that amount of enquiries I get on sealed bids is definitely on the increase and this also includes high end value property.
“I still don’t expect house prices to rise much so a rise of around 1.3% is probably about right year on year. I will be interested to see these figures over the next few months as I believe there is life in the housing market. Also the Halifax figure for the last 3 months up 1.9% on average again aren’t a surprise to me.
“The housing market is all about confidence and once we have the confidence back in the market place momentum will take affect and they always say come spring come the buyers and sellers it has just been unusual to see so much activity in February. But with this activity will come price increases.
“The truth is what happens when the cheap money runs out, with Britain be out of the recession, personally I very much doubt it, we are after all in the EU and so many countries in the EU are having major issues.
“Personally I think stability is the best outcome for 2013, we don’t need or want large fluctuations in house prices, and this was after all how we got in the mess in eth first place. I do appalled the Funding for Lending scheme especially as there were so many people saying it wasn’t doing anything for a long time. I believe even the Labour party have stopped critising the scheme. The bottom line it is helping people getting onto the housing ladder and also helping people move house and to get out of the recession we need confidence and growth.
“We are also getting regional variations which isn’t a surprise. London is strong buoyant money; this is where all the foreign money goes as it is seen as the safe bet. The North West is a very different story but I know a lot of investors are picking up bargains but there have always been regional variations in the UK and there always will be.”
Notes to Editors
Alton Mortgages is an established whole of market mortgage broker based in Maidenhead, Berkshire. Established in 2005, customer service is at the heart of what we do, and we recognize that our clients are individuals with very unique requirements and do what we can to find low mortgage rates and the best residential mortgage deals. Click here to find why you should use a broker. We work with individuals and families to provide them with an exceptional residential mortgage service with low. Click here to find out more about Alton Mortgages.