According to statistics released back in September, by the RICS, the number of homes sold in the UK has hit a record 4-year high, and we’ve also seen a rise in house prices across the UK. This is extremely promising news for the industry as we head in 2014.
The summer was a particularly good time for house buying. During June, July and August, the RICS reported the average amount of properties sold per chartered surveyor, stood at 18.
Whilst this figure is not historically very large, it is a massive increase from this time 2009, and indicates a huge upsurge in the UK housing market. This is great news for the building market, and one that has been greeted with delight by industry experts.
In addition to the increase in house sales, there has also been a rise in house prices, something which has suited sellers extremely well. Following an RICS survey, 54% of those asked reported price rises, a figure which is well in line with the national average. Prices have been increasing since Easter, right across the UK, with the exception of the North East, where there has been a modest fall.
The RICS praised the government’s Help to Buy Scheme, as the reason for the housing boom. With Help to Buy giving more potential buyers access to the market, RICS members reported an increase of nearly 50% in new buyer enquiries. The only problem is the potential for demand to outstrip supply, with many parts of the country already indicating that the amount of homes on the market are not quite enough for the demand.
Peter Bolton King, RICS Global Residential Director, said, “it’s a big concern that the supply of property coming into the market is lagging so far behind demand.”
That aside however, the future looks extremely bright for the housing market, with many RICS members expecting the number of transactions to increase even further over the winter and into 2014.
Mr. Bolton Kind, said, “it’s encouraging that the market is starting to improve in all parts of the country with more buyers looking to make a move and more sales going through.”
If you’re one of the many people in the UK looking to move into your new home in 2014, it’s imperative that you consider a full building survey before you make any final decisions on your new home.
A building survey can highlight any potential issues within the building itself, and a registered chartered surveyor can make sure that you are aware of any improvements required, should you need to make them.
Always check with a fully qualified chartered surveyor before purchasing your home, as you could end up stuck with a very large bill for some expensive building work.
A full building survey includes guidance on any maintenance and remedial measures plus advice on any possible repair costs. According to the RICS, 17% of new homeowners on average spend up to £12,000 to make their homes habitable. Don’t be one of them! Get a full building survey before you buy, and avoid a potential money pit.
Call JDB Surveys today, to get a full building survey and get the home you want to live in.