In response to news today which highlights that UK house prices increased by 6.7% in the year to December 2015, down from 7.7% in the year to November 2015 , Adrian Gill, director of Your Move estate agents, comments: “Property in the UK is entering a new phase – developing into the strongest sellers’ market since the recession.
“December may have weathered the first month-on-month stumble in house price growth for eight months, but this minor setback hasn’t upset the apple cart. On average, property prices are still increasing at more than twice the pace of earnings, which is certainly jubilant news for existing homeowners. Potential sellers would be advised to get their property on the market now to take advantage of the spring surge that is already following these figures for December.
“There are clear signs that some first time buyers are making their own footholds – thanks to hard negotiating and a beady eyed search. But rising prices make it tougher for those still hoping to climb onto the property ladder. While Help to Buy is worthwhile, the best thing the government to do now would be to look at freeing up supply, rather than adding further help to get a mortgage. Cheaper mortgage finance and help with deposits are one thing, but supply is now the bottleneck that needs to be freed.”