At the start of this year, the news about the housing market was optimistic and it looked as though this was going to be a good year to buy or sell your property. Five months on, although the property market is moving and price increases have steadied, some experts are worried that the housing bubble may be about to burst – but is there anything to worry about?
While property prices in London have seen another jump, around the country prices are also rising. However, some people are concerned that with the introduction of new checks under the Mortgage Market Review, this will cause lenders to curtail the amount of lending. At present, it is simply too early to tell what impact this will have on the market.
For those people thinking of buying a home who may be concerned about the tougher mortgage lending regime, what can they do? Well, the best advice is to be prepared. Make sure that when you go to see your mortgage broker that you have fully prepared for the meeting. Ensure that you bring along all the information they have requested. The Mortgage Market Review requires lenders to make stringent financial assessments as to affordability, therefore the more information you are able to give to your mortgage broker the better – and the less stressful the process will be.
So, with so many variables in the housing market across the country, is the housing bubble going to burst? Experts say for this to happen there has to be a significant decline in demand and from what we are seeing locally as a conveyancing team, there is certainly no evidence of this happening at the present time.
Agents are reporting that demand for properties is high and there are plenty of buyers out there, but there is a shortage in the housing stock.
If you are looking to sell your property then it is a good time to get in touch with your local estate agent and get your property on the market.