The housing market has taken another leap this June following a subdued May market according to a report from Hometrack.
Back in April, I commented on what seemed to be an unexpected ‘boom’ in activity as new seller instructions increased by more than 22%, the highest since 2010. Similarly, trends from June indicate a 10. 6% increase in the agreed sales by estate agents and a slight increase in the number of property listings throughout the UK.
The increased activity in April could be partially attributed both to the Summer-like weather that affected much of the UK, encouraging buyers to go out and view properties, and, more significantly, the decline in house prices. Hometrack also reports that estate agents are advising sellers to be realistic about the price they list their home for so that transactions can take place to support supply and demand. This may seem like disheartening news for sellers, but, locally, London and the South East have seen the strongest expansion in demand.
In summary, one cannot predict where the markets will go from here - so how does one ensure that they take advantage of the positive trends? There is no set answer to this as the current market is so unpredictable; however, it does begin by instructing a qualified agent who is familiar with the local market to handle the sales aspect of your transaction. The National Association of Estate Agents provides useful information in this regard.
Whether you are buying or selling a property, it is also crucial to instruct a qualified and experienced Conveyancing Solicitor to handle all the legal aspects of your transaction to avoid any delays and headaches, and to ensure a fast sale or purchase. As I have stressed in previous blog posts, Fast Conveyancing can be the difference between a buyer exchanging, or getting cold feet an pulling out after one too many delays.