Guaranteed Rent Scheme | House prices across the country ‘will rise in 2013 thanks to increased mortgage competition and shortage of homes’
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The beleaguered housing market is set to bounce back next year across England and Wales, according to research.
A report by property search website Rightmove predicts an average rise of 2 per cent in sellers’ asking prices in 2013, thanks to increased competition among mortgage lenders and a continued shortage of homes.
This is despite this month seeing the biggest fall in asking prices for more than a decade, with the average dropping 3.3 per cent – £7,772 – to £228,989 in December.
The East Midlands was the only region to see a month-on-month price increase.
Rightmove said big falls are expected over Christmas, when those who are selling often have a pressing reason to move. Prices are still 1.4 per cent higher than a year ago.
The predicted growth in the new year will not be limited to the London market, as has been the case in the past.
Asking prices will still grow in the capital by around 3 per cent over 2013, having risen by 7 per cent since a year ago.Guaranteed Rent Scheme
But some analysts have said that a 7 per cent stamp duty rate put on homes worth over £2 million in the spring will help to put a brake on London prices.
Meanwhile, the ‘ripple effect’ of higher prices in London will mean stronger growth in surrounding areas as buyers cast their nets outside the capital, Rightmove said.
The South East in particular was said to have ‘underperformed’ in recent years.
In the South East, South West and East Anglia, asking prices will grow by 3 per cent.
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Meanwhile, the Midlands, the North of England and Wales are pencilled in for a 1 per cent climb.
Further evidence of the strengthening market comes from a shrinking gap between asking and selling prices – closing to 3.7 per cent this year, down from 4.9 per cent between 2009 and 2011.
But the number of new sellers will be limited in 2013 – around 1.2million, about the same as each of the past three years.
Meanwhile, the Midlands, the North of England and Wales are pencilled in for a 1 per cent climb.
Further evidence of the strengthening market comes from a shrinking gap between asking and selling prices – closing to 3.7 per cent this year, down from 4.9 per cent between 2009 and 2011.
But the number of new sellers will be limited in 2013 – around 1.2million, about the same as each of the past three years.
Rightmove said that many people who bought a first home at the top of the market will still be unable to trade up next year, so buyers will have a restricted supply.
The predictions of growth echo those of the Council of Mortgage Lenders, which said that the market should ‘feel more stable and positive’ next year.
But lender Halifax has said house prices are likely to be flat in 2013, with any growth likely to be strongest in London and the South East.
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