The Office for Budget Responsibility is today predicted to produce the revised forecast in respect of the UK economy’s growth during the third quarter and, with economic tribulations on the mind, it is perhaps the time to discuss house prices and the degree of anxiety over them.
Since 2007, generally accepted to be the high-water mark of the housing market both at home and internationally, house prices in the UK have fallen by 8.7%. Over the past year, though, prices have risen by 0.8%. In light of the recession and weak recovery, it might be argued that an 8.7% drop is not wholly disastrous (unless, of course, you are hoping to sell), especially when we consider that house prices in Ireland have fallen by a factor of some 45.2% since 2007. The reason is, of course, the secure position of housing overall and the fact that, as in any free market system, at the present moment demand outstrips supply. Recent initiatives to boast home building, though helpful for the overall market, are unlikely to materialize within a few years, and at present are only in the discussion phase.
It is therefore key that, if you are hoping to buy for the first time, that you are guided by experts in the field, especially so when the First Time Buyer Initiative is to expire next year. The recent proposal to aid the first-time purchase of new-builds means that it is also important to find a firm that has expertise in this area, and this is where PLS Solicitors has built an excellent reputation for new-build properties.
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