Conveyancing blog: The carrot’s there for sellers to bite
Published: 25/06/2014
Our confidence in the England World Cup team may have been misplaced - yes we are ashamed to admit we got caught up in all the WC hype! - but confidence in the housing market appears a much safer bet. Lynne McCaffrey explains why this is good news all round:
“Over half of UK homeowners believe their property will increase in value in the next 12 months. This is a vast improvement in confidence compared to last year when only a quarter anticipated an uplift.
“It’s no surprise that homeowners in London and the South East remain the most optimistic at 80 and 70 per cent respectively. However previous pessimists - the East of England - are now seeing the property glass as more than half full with two thirds now predicting a price rise in their region.
“But perhaps what is most encouraging is that property increases are not restricted to the capital. In fact this confidence is well founded with every region of the UK, with the exception of the North East, seeing an increase in property prices in the latest Land Registry House Price Index.
| Region | Monthly Change | Annual Change | Average Price |
| London | 4.2% | 17.0% | £435,034 |
| North West | 3.0% | 3.8% | £112,064 |
| Wales | 2.9% | 3.0% | £117,581 |
| Yorkshire & The Humber | 2.3% | 5.5% | £120,118 |
| South East | 1.9% | 7.5% | £225,650 |
| East | 1.9% | 7.8% | £187,963 |
| West Midlands | 1.2% | 5.7% | £135,150 |
| East Midlands | 0.8% | 6.4% | £128,988 |
| South West | 0.2% | 3.8% | £178,918 |
| North East | -1.9% | 2.9% | £99,001 |
Good news for conveyancing…
“Between these rising house prices and a probable interest rate rise imminent, it’s Go! Go! Go! for sellers; 8.2 per cent more properties entered the market in May 2014 than in May 2013. However the incentive is also there for buyers who want to secure a mortgage rate prior to a rate hike and benefit from potentially an immediate price rise.
…and for remortgage
“But even if homeowners aren’t in the market to sell they too can benefit from rising property prices as remortgaging could allow them to unlock some of this new found equity.
“There is every possibility an interest rate rise could mirror the end of England’s World Cup campaign and happen sooner than expected! So whether you’re buying, selling or remortgaging you may wish to act sooner rather than later.”
^Excludes VAT and disbursements
*Includes VAT and standard disbursements
Content correct at time of publication