10 Quite Interesting Things About The Housing Market in September 2013
As the housing market in the UK enters the “season of mists and mellow fruitfulness” I thought it would be quite interesting ( please, dear reader, it is for you to decide exactly how interesting) if we were to join battle with the statistics once more and compare some current data with an earlier post on Conveyancing and the Housing Market in April 2012.
Where is the Housing Market right now?
Most commentators agree that the housing market has over the last 6 months shaken off its torpor. Confidence in the housing market appears to have returned.
Yet, let us not forget that Hometrack the well respected commentator on the housing market predicted in November 2012( admittedly before George Osborne’s Autumn Statement) that:
“We continue to expect house prices to fall by around 1% next year before stabilising in 2014.” And that at the beginning of the year Hometrack stated that “following price falls over the second half of 2012, house prices were unchanged in January”.
At the other extreme we have in the last few days, Vince Cable the Business Secretary, fretting already about another possible housing market bubble. Steady on, Vince, give it a chance.
Conveyancing and the Housing Market September 2013
So, If you are stuck for conversation between the adverts on X Factor or a loose hiatus down the pub here are a few comparative observations to guide you on your journey.
1. The average price of a Property in the UK In August 2013 was £170,231. In April 2012 it was £163,803 ( Source: Halifax)
2. The average price of a Property excluding flats, is £245,505, in April 2012 it was £228,385 (Source: BBC)
3. House prices grew across a third of the country in August 2013– the highest coverage of price growth since May 2007. Back in April 2012 in some areas of the North and the Midlands prices actually fell Source: (Hometrack)
4. The average time to sell a house is 8.1 weeks that compares with the time back in April 2012 when the average time was 11.6 weeks in the Midlands and North, less than six weeks in London and 8.4 weeks across the regions of southern England (Source: Hometrack)
5. The average proportion of the asking price achieved on property sales is up to 94.6% compared 93% in April 2012.(Source:Hometrack)
6. 8 out of 10 cats would prefer to stay in their owner’s homes rather than move (Source: Whiskas 🙂
7. Repossessions can even take place in the most expensive apartment block in the UK. One Hyde Park. It was described as an “entry level” flat at £5.25m (Source: Daily Mail)
8. No change in the amount of Stamp Duty you pay when you buy a House or Flat: £2500 on a property worth £250000; £10,500 on a property worth £350,000; on a property valued at £600,000, £24,000; £100,000 the amount of Stamp Duty payable on a property at£2,000,000: £140,000 the amount of Stamp Duty payable on a property at £2,000,001. Come on George, it’s far too much!
9. Around 8.6 million people do not have a mortgage on their homes that is approximately 40% of homeowners.
10. There are only 92 Conveyancing days until Christmas and you can ensure peace of mind and convenience with your Conveyancing fees with a fixed fee guarantee with no hidden charges.
Reassuring isn’t it that some good things about buying your home that don’t change