RISING HOUSE PRICES – but don't rush, what about the survey?

In terms of rising house prices in the UK, all is looking especially rosy. In fact, nothing like the current increase of the first quarter of 2014 has been witnessed since the boom of 2007.

The Halifax published their lastest property data earlier this month and state that the average house price is now £179,872 – that’s a 7.9% increase in the last 12 months! The property website, Rightmove has subsequently stated even more inflated figures due to a “spring seller rush”.

But whilst buyers look to move quickly and get into a fast-moving market before the inevitable decline commences, Dawson & Associates warns of the importance of a thorough property survey. Whilst we may feel under pressure to secure the best deal, a good property investment can only be achieved if the property itself is solid. There may be urgent works required on your new property that won’t be known unless a Home Buyer Survey is contracted prior to purchase – these issues may affect your decision to buy or they may be a matter of negotiation on the price. But if you don’t carry out a property survey prior to purchase, you may not know until it is too late!

Miles Shipside of Rightmove says that whilst he still expects to view further house-price growth throughout 2014, "A good and plentiful choice of property for sale would limit sellers from getting over-ambitious with their asking prices". 

It is important to remember that the UK always sustains this “plentiful” choice of property. Therefore, there is time to consult a professional for expect opinions… Dawson & Associates provides initial advice for free with no-obligation for further service. An instant quote is available via our website

And we can help you to decipher a whole range of technical property lingo via our online glossary.

Feel free to contact us at any time.

Dawson & Associates +44 1424 882263

www.dawsonsurveyors.com

RICS comments on Help to Buy Mortgage Scheme

A recent article by The Telegraph explains in detail RICS’ response to the highly controversial “Help to Buy” scheme. [source The Telegraph] 

The greatest concern is to maintain a sustainable property market in the UK. With too much government assistance, there is a worry that house prices will become falsely inflated.

The article states “…analysts said house price rises were “approaching madness” after the Halifax house price survey showed values jumped 2.4pc in February, the biggest monthly increase in five years. Prices were up 7.9pc on a year earlier.”

Therefore, the Royal Institute of Chartered Surveyors suggests that if the scheme was regionalised, an appropriate balance of buyer support and market survival would be achieved.

Help to Buy was launched in 2013 giving first-time buyers the opportunity to borrow up to 20% of the value of a new-build property. This loan would be interest-free for 5 years. In autumn the scheme was reviewed to include not only first-time buyers and not only new-build properties.

Dawson Surveyors says that this scheme has created incredible opportunities for first-time buyers to enter the property market and it has almost certainly aided a property market bubble in recent months in the UK.

Don’t forget your property survey!!

Happy Homes have been assessed by a qualified professional.

www.dawsonsurveyors.com