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House Prices November 2016

House Prices November 2016

House Prices November 2016

The House prices November 2016 seem to be fluctuating constantly, with the market taking a few U-turns along the way.

House prices jump £3k in a month, but annual growth is slowest in three years as buyers struggle to afford homes. With the help to buy scheme due to end in December 2016,surely this is likely to have a negative impact on the market. The average age of a first-time buyer is 33 years old and even still at this age, there are issues with affordability. House-hunters are taking their first steps into the market must stomach an average price hike of £3,256 on a two-bed property this month, according to figures from the property purchasing website Rightmove. This may seem quite a jump but over the year the price of an average two bed has jumped up by £15000. Has your income gone up £15000 this year? Ours certainly hasn’t. The average price of a house is now at a little over £190,000.

These figures are so alarming that it has caused the chancellor, Mr Phillip Hammond, to take action in his autumn statement due on the 23rd of November.

Miles Shipside, director and housing market analyst at Rightmove, said ‘Price resilience is not good news for cash-strapped aspiring first-time buyers, and in spite of the most subdued time of year, the smaller properties that they typically target have increased in price this month, the only market sector to show an increase.

‘Compared to 12 months ago, the price of newly marketed properties with two bedrooms or fewer is up by over 8 per cent, twice the rate of the sectors containing properties with three bedrooms or more’

‘As well as helping people’s home-ownership aspirations, activity at the bottom rung of the ladder helps the rest of the market to move and through that boosts the wider economy.

‘Short-term options that might be top of a first-time buyer’s list would be a stamp duty holiday exclusive to them. However, there are dangers to increasing demand unless this is matched by policies to improve supply, and more radical steps need to be taken to remove some of the barriers preventing more affordable homes to buy and rent from being built in the right locations.’

So what is it that has sent the market into turmoil? There have been a number of factors that have contributed to this chaos over 2016, including Brexit, BTL changes, Second tier, stamp changes, the drop in confidence in the US market and now then end of the Help to Buy Scheme. Is this the most unstable market since 2007/8. With the likes of Brexit slashing the value of Taylor Wimpey homes, what will all this mean for the sell house fast London industry?

One factor supporting the property market is the current lack of new homes to buy. Estate agents say that the number of properties up for sale fails to match the demand from a number of buyers that are out there in today’s market.

The main issue comes from the current stock of homes on the market was largely unchanged. The supply of homes remains ‘historically very low’, Halifax said, putting pressure on prices.

What does all of this mean for the sell house fast London market? We predict that the sell house London market is going to take a turn for the worse. With fewer houses being built, house prices going up and the end of the help to buy scheme we here feel that the sell house fast market is likely to plummet.

Howard Archer, chief economist at IHS Markit Global Insight, said ‘House prices will come under increasing pressure as 2017 progresses and may dip modestly over the year, possibly by around 3%’.

‘However, we suspect that house prices will come under increasing pressure as 2017 progresses and may dip modestly over the year, possibly by around 3 per cent,’ he added.

Mark Posniak, of Octopus Property, said that the monthly rise ‘should be taken with a pinch of salt’.

‘The quarterly flatness is a much better reflection of where the market is at,’ he said.

‘The low cost of borrowing, weak supply levels and a robust jobs market are preventing prices from falling more sharply.’

However, he warned that as inflation rises, people will feel less well off and will become more cautious, which could translate in fewer transactions.

‘Brexit-related uncertainty remains the key narrative for the UK housing market at present, and last week’s high court ruling on Article 50 could see that uncertainty prolonged for longer than anticipated,’

So if you are looking to sell house fast, then what are your options when looking to sell?

Auctions have always been a popular method for those looking to sell house fast London, but don’t have the time to sell with an estate agent. However, with all of the changes, this year have softened the figures. According to the financial times the auction market has seen a decline in the number of sales in the third quarter of so bad news for those looking to sell house fast London.

We can offer you a sell house fast London service here at Home House Buyers. We buy any property in any condition. We can complete the sale of your property in as little as two weeks. As we buy houses for cash we can also offer to pay all of the fees in the process.

SELL HOUSE FAST

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