A Year of Two Halves
Another new year has arrived, so what will the property market do in 2014?
Forecasters, they’re the ones with the crystal ball, suggest that it will be a good year for property prices, but that will depend on which side of the fence you are. As a first time buyer do you want prices to rise? Probably not. Conversely, you may be selling in order to retire and need as much as the market will stand, so high prices will work for you. Also, different parts of the country vary with London always at the top of the list. Forecasts seem to range from a 5% to 11% increase across the country in the coming year. We’ll see! Looking back is much easier.
The property market in West Oxfordshire more than held its own in 2013, but it was a year of two halves. The first half was much the same as the preceding year, but from late spring, there were more houses to sell and a higher number of sales arranged. The economy picked up and Government assistance with mortgages brought about a sudden rush of confidence stronger than we have seen for five years. This continued through the summer and autumn and culminated in considerable pressure to complete sales before Christmas, consequently keeping us and solicitors very busy. In fact it has been one of the most active pre Christmas periods for a long time.
As for the forecasts, we will only truly know this time next year when we look back over 2014, just as we are doing now. Will it be a boom year or not? We have a sneaking feeling prices will rise, but we also believe the bank of England may step in to cool the market down if it over heats. Unfortunately, we do not have access to that crystal ball.
All the staff at Martyn R Cox & Co would like to wish our friends, clients and readers a very Happy New Year.