The UK housing market saw a spring and summer boom in 2014. Analysts suggest slower growth in house prices in 2015, however house prices are still set to grow by 4%.
Wage growth, interest rates and the election will all have an impact on the housing market. January has been a busy month at McQueen Legal and if the market continues at the rate we have seen in the past month, then once again it is going to be a busy year for people buying and selling their homes in the Edinburgh area.
Consumer confidence in house prices has fallen to its lowest level since June 2013, according to this month's Housing Market Confidence Tracker from Halifax. Of those surveyed, a net balance of +25 (the proportion of respondents who feel the next 12 months will be a good time to buy minus those who think it will be a bad time) now believe the next 12 months will be a good time to buy – an increase of 14 points since September 2014.
At McQueen Legal, we feel that the key issue for our clients is still mortgage approval. With buying and selling homes for our clients every day (we sold more than 160 properties for our clients last year), this is an area we are fortunate enough to have a lot of experience in and are happy to pass on our tips.