Demand among buyers rose in March
11th April 2012
As lenders remain cautious and house prices stay high compared to the average national income, many would expect demand for properties on the market to struggle following the end of the stamp duty holiday.
Although with the latest figures from the Royal Institute of Chartered Surveyors (RICS) suggesting more new buyers were looking to make a purchase during March, there remains the possibility that this could continue in the future if people are not deterred by the re-introduction of the £125,000 threshold.
The organisation's most recent report says that enquiries from new buyers rose by nine per cent last month, and if other factors emerge that could improve the prospects for people looking to get onto the property ladder then this may be maintained.
"Looking ahead, with demand seeing gentle increases across much of the country, expectations for future transaction levels remain positive with a net balance of 20 per cent more surveyors expecting sales to increase over the coming three months," the report said.
And with Lloyds TSB now offering a two year, fixed-rate mortgage with an LTV of 85-90 per cent to first-time buyers - as well as removing the product and account fees to further relieve the financial pressure - more buyers may be tempted into the market.
"This product [is] designed specifically for those looking to take the first step on the housing ladder," said Stephen Noakes, managing director of Lloyds TSB.
Many will be paying attention to how the housing market reacts in the coming weeks, and if the RICS predictions prove correct, a mild form of recovery may not be too far off.
Indeed, with the report also detailing how prices have edged downwards in all parts of the UK - London being the only exception - buying may present a more attractive option to the nation.
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