As we welcome in the New Year many people will already be pursuing (or forgetting) their New Year's Resolutions.
However, if your New Year's resolution is to purchase a new home then recent figures published by Mortgage Lender Nationwide may have caught your eye.
House prices in London grew at a slower rate than the national average in 2016 for the first time in 8 years. In stark contrast to this, East Anglia had the strongest growth for the last quarter of 2016 with prices rising 10.1% in the three months to December.
The higher cost London property market may have been hit harder by Brexit uncertainty, or buyers may be feeling the somewhat recent changes in Stamp Duty. Regardless, it seems that the East Anglian property market is bucking the trend.
The official house price index was relaunched by the Office for National Statistics in April last year and showed in their October figures that UK house prices were rising at 6.9% a year.
Although reportedly a record 190,000 Homes were built in the year 2015-2016, a House of Lords Select Committee on Economic Affairs concluded that as many as 300,000 new homes are needed annually to address the housing crisis and that there is an inability of the private sector to build the number of homes needed. Could a shortage of homes for sale be responsible for the growth of 2016 and will this continue into 2017?
There are countless predictions about what 2017 will bring in terms of UK house prices. Whilst these are no doubt predicated on theories about EU uncertainty, inflation and interest rates, the majority seem to agree a small rise is still more likely than a drop.
With East Anglia topping the growth charts but not the average house price charts and low interest rates driving demand for mortgages, you may find yourself in need of someone to do your conveyancing work.
Our Property solicitors have a wealth of knowledge that ensures you will receive the best service and are accredited members of the Law Society Conveyancing Quality Scheme.
To find out more or discuss your individual requirements in further detail, our dedicated Property Solicitors are on hand to help. Contact us today on 01603 693500 or email us using the 'Make an enquiry' form. Appointments available at our Norwich, North Walsham, Brooke and Sheringham offices.