There is always no shortage of skeptics when it comes to the property market, but it’s starting to look like many maybe eating their words, as moving home in Urmston in 2015 could be a wise move as we predict a bumper year ahead.
Election
The general election in May could be a milestone to look out for as there is usually a post-election bounce in the property market but it is generally thought that interest rates are likely to stay stable with market experts commenting that there is no justification for an increase.The election will no doubt have a tax effect – a mansion tax from Labour, increased council tax from the Liberal Democrats or capital gains tax on foreign buyers, or a mix of all three, but not enough to deflate the market.
House prices
Prices should carry on rising, although more slowly, as interest rates will remain competitive and those able to borrow find it is cheaper to buy. Those looking to invest will still trust bricks and mortar meaning the buy to let market will be hotly contested.
Finance
Availability of finance is going to increase in terms of mortgages. There is political pressure to improve lending. There’s a good market for mortgages and good deals to be had. This will continue. The banks had factored an interest rate rise into their prices already, so rates will hold longer than people think.
Buy to Let
The private rental market is growing and becoming an established lifetime alternative to buying, so more builders will build for the rental sector. You need good-quality construction in build-to-rent, as these are long-term prospects, so construction quality will improve.
Those on average incomes will continue to rent, and stay longer in rented accommodation. Shared ownership will become more popular with those on average incomes to get on the housing ladder and have some security.
Moving home in Urmston in 2015
Everyone is determined that more homes will be built across the UK and completions next year will go through the roof. Developers have all got spades in the ground and know that housing is the critical issue. There is a need to speed up the process – quicker decisions from councils and less noise from the Bank of England. Local authorities and builders need to forge better, efficient collaborations.
