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BLOG: UK Residential Property Market – a good time to buy?

Following the recent quiet period within the property market, there is positive news coming from within the industry – surveying firms across the country are reporting a 13% increase in new buyer enquiries and this comes off the back off reports that there has been a steady increase of prospective house buyers in the three months up to November.

The increase in the demand for property has led to a rise in sales, with the highest figures being reported since February across some parts of the UK.

Leading mortgage providers have also backed up these claims: Halifax report that property prices have risen by around 6% compared to 12 months ago, and state that the average UK home now costs £218,000.

It is thought that the growth in market demand is closely linked to the low interest rates on new mortgages, with some lenders providing rates as low as 1.19%.

Confidence in the market has also grown, according to market data, with four times as many experts predicting a rise in property prices next year, than those predicting a fall.

As a result, now may be the perfect time to buy property, with prices still low and interest rates low too.

If you are considering buying a property, our experienced team of Chartered Surveyors at Lea Hough can assist with all types of buildings and land. We offer a wide range of services relating to residential and commercial property, including: Valuations, RICS Homebuyer Reports, Building Survey Reports, Specific Defect Reports and general advice.

For more information please contact us on Tel: 01772 458 866 or 01254 260 196 or Email: info@leahough.co.uk

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