With the election behind us, a higher stamp duty threshold for first-time buyers and the suspension of Home Information Packs (HIPs) as of 21 May, we are seeing increased activity. Speculative sellers are entering the market and at Connells, we received around 30 per cent more instructions the week after the suspension of HIPs than the week before.
House prices continue to rise in Hertfordshire and across the country, with the Department for Communities and Local Government advising that house prices in April were 10.1 per cent higher than a year ago. The Nationwide Building Society also announced recently that the average UK house price is now 9.5 per cent below the peak reached in October 2007.
However, with more properties expected to come on to the market due to the positive effect of decisions taken by the coalition Government, we could see prices stabilise further which would lend a helping hand to first time buyers who are struggling to find deposits to gain mortgage finance.
Rob Matthewson, Connells Area Partner