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Will the housing market improve in 2013?

Will the housing market improve in 2013?

The Office for Budget Responsibility (OBR) forecasts a 20% rise in transactions during 2013 – 2014. What do they know that we don’t know?

In recent weeks it was announced that the UK is officially out of double-dip recession.

According to the Office for National Statistics (ONS), the British economy expanded by 1% based on the latest GDP figures. They said that bad weather, an extra Bank Holiday and the Olympics have influenced the figure and the aid in housing recovery. So, is this good news for the housing market?

Yes. And no. Of course this is good news for a change, however the practicalities such as lending remains poor. Some areas still continue to struggle and home prices continue to decline and remain off their peak.

The Black Horse Property Group Ltd have seen positive signs though. A spokesperson commented, “We have concluded many property sales this year due to pricing, having maximum exposure and having the right approach to Selling Properties in Bradford & Shipley

“Many buyers remain worried about their jobs and sellers up and down the country are unwilling to realign their asking prices with what the current market demands.” Properties will sell with the right approach despite market conditions.

The latest Consumer Confidence Survey from Rightmove of around 33,000 home-movers expect a rise in asking prices in a years time. Equally, 26% expect prices to be lower in a year from now. 41% expect house prices to remain the same.

The latest housing survey from the RICS (Royal Institution of Chartered Surveyors) suggests a 12 month low in house prices. Any slowing in the economy can affect the recovery of real estate values, could one of the key components to the decline be in the banking industry?

The OBR predicts the housing market to somehow make a dramatic recovery during 2013. Perhaps this is too optimistic?

Discover more online at What do you think about the housing market in 2013? Follow and join the debate on Facebook & Twitter.   

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