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• 2012 - What lies ahead?

  So, 2012 has arrived and what can we expect from the year ahead? In truth we're not sure anybody really knows. Clearly there is still a degree of economic uncertainty in the UK as a whole and the media do love a bad news story, so no doubt there will be incessant "doom and gloom" reporting from the TV news and written press. It is, however, quite apparent that our offices saw a slight improvement in the market during 2011, which although very early days appears to have continued into 2012.

  Much of the statistical evidence coming from the financial bodies is somewhat contradictory. For example, the Council of Mortgage Lenders expects a 3-4% reduction in overall house sales this year but also states that the latest figures show mortgage lending up 13% year on year and that "monthly mortgage payments for first time buyers" are "the most affordable for eight years", so good news there.

  The Halifax House Price Index reports a fall in prices in 2011 of 1.3% but the Nationwide Building Society equivalent reports a 1% rise during the same period. In reality this probably indicates no practical movement.

  All things considered we think the evidence suggests a fairly stable market, which is encouraging for many people, although sadly not for those in negative equity still. Finally it's important to stress that there are still quite strong variations in demand depending on what type of property you might be seeking or selling, so do contact the relevant Hamilton Smith branch to get an expert view of your personal situation. Wishing everyone the best for the New Year.

   

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