Commenting on the survey released by the Nationwide Building Society today, Mark Hobbs, Managing Partner at Howells Solicitors, remains positive despite the reported fall in house prices.
Mark says, “Although there has been a fall in house prices in Wales, people are still moving and first time buyers are continuing to enter the market. Across our five south Wales offices, there has been an increase of 47% in the number of enquiries and completed transactions in November and December 2011 compared to the same months in 2011.”
This increase in activity correlates with the positive figures released in December by the Financial Services Authority and the Council of Mortgage Lenders indicating that lending to home buyers has gone up over the past few months.
They reported that loans to first-time buyers in October increased by 14% compared to September and 19% compared to the same time last year.
Mr Hobbs continued, “There is a plethora of different opinions regarding the current state of the housing market and what might happen in 2013. Our own figures indicate that the conveyancing side of the housing market has been buoyant and the New Build market has contributed to this. Mr Hobbs explained, “We are one of the preferred conveyancers for five of the leading housebuilders in South Wales. There is certainly some optimism creeping back into this market, and it is encouraging to see an increase in potential buyers across parts of the country where the market has particularly suffered in recent years. That said, there is still a long way to go.”
by Tristan Lewis
