After a period of stagnation, the housing market is expected to pick up in the year 2013. The Officer for Budget Responsibility or the OBR feels that the market will see a rise of nearly 20% in the transactions in the coming financial year. And the annual growth is expected to increase by 4.5% by 2015-16.
The period of recession has seen house sales at an all time low. Lenders have been cautious with mortgages, home loans and others mainly because of uncertainty of jobs, the buyer’s inability to meet the asking price and the seller’s inability to sell at a lower price. As a result, the year 2010 saw house sales dip by 5%.
According to the figures quoted by the Bank of England, the mortgage debt went down by nearly £ 9.1 billion in 2010 and withdrawal of house equity is also negative since 2008. The combination of these factors has resulted in the slow market.
But after this period of sluggishness, the market is expected to rise again in the coming years. The dip of 3% in the year 2011-12 will be replaced with an increase of 1.5% in the next financial year and by 4% or more in the coming three years. So, if you are planning to buy a house, now is the time. Find out more about the Top Estate Agents in and around London so that you can get the best deals.