Highest sales levels in the UK in 6 years

The UK’s property market posts the highest sales levels in over 6 years with average rises of 6% per year but the Nationwide reported an 18% rise in London and the South East due to shortage of properties. There is a shockingly low level of stock on the market in the most desirable areas of Prime Central London. The number of properties coming onto agents’ books fell marginally for a third consecutive month in March. This is driving up the prices and looks to stay this way for the next 6 years.

East Midlands and South-West see price hikes comparable to London

The Royal Institution of Chartered Surveyors (RICS) reported a rise in house prices across all regions in March with 57% more surveyors reporting an increase in prices. The sharpest rise in prices outside London and the South East was in the East Midlands and South –West.

Banks and buildings societies report surge in lending

Buy-to-let landlords and first-time buyers have pushed up mortgage lending which was up by 41% on last year’s figures.

April sees the new rules on mortgage lending coming into force outlawing self-certification mortgages.  Lenders will have to make stricter due diligence testing and affordability checks. But the CML does not see this change having any overall adverse affect on the amount and quality of lending.

The UK and in particular London is still set to be on track as the centre for worldwide real estate investment and construction, with predictions looking positive for the mid-term investment.

At My Personal Lawyer, we can arrange to put you in touch with leading experts in the property sector and acquisitions agents specialising in property development and management.

Call us now for a consultation or send an email and we will be happy to arrange a first meeting to obtain your requirements.