March 24, 2016
New reports suggest that house sales have reached their highest level since the financial crisis in 2008/2009.
The Land Registry’s most recent House Price Index shows a monthly price rise for May 2014 of 1.7%. The Office for Budget Responsibility has revised its forecasts for this year and anticipates that house price inflation could peak at more than 9% later this year.
The average house price climbed by 0.6 per cent in July to £270,636, with an average price of £560,386 for properties in London, a 2% increase from June.
Indications are that it is not growth but an explosive boom that is on the way and this housing market boom looks set to continue.
The Government’s Help to Buy Scheme is aiding this activity. The biggest boost in sales is being seen in the North West and East Midlands where sales increased by a third in the same period compared to last year.
The impact of the Mortgage Market Review in April seems to have been temporary as July saw the highest monthly total sales for almost seven years – a 10 per cent increase since June this year, and a 21 per cent rise on July 2013.
All the above has led to calls for measures to be taken to dampen an overheating market. However, opponents to this argue that a more thoughtful and prudent housing market is emerging. Lending is stabilising to sustainable levels, and supply and demand is more balanced. They argue that any interventions or tighter rules could harm the recovery.
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