PROPERTY MARKET FORECAST
Property Market Forecast
Robin King looks ahead to 2013 and forecasts what’s in store for the property market in the New Year
Over the next twelve months, property transactions are likely to remain subdued at around 575,000 for the whole year, compared to 1.6 million in the height of the 2006 property boom.
W
Robin King, Director, Move with Us, the residential property expert
e also expect to see the highest ever proportion of new build
transactions compared to second- hand properties.
This increase is likely to be a result of incentives offered by developers in what is still a challenging lending market and the flexibility that larger developers
10 | British Builder & Developer |
BritishBuilder.co.uk
are able to offer. For some aspiring homeowners, buying a property through the first buy scheme or through part exchange may be their only option when looking to move up the property ladder.
NEW BUILDS AND DEVELOPERS
Purchases of new builds in 2013 are likely to be significantly higher proportionally to second-hand properties. This is ultimately driven by the increased number of new build properties that are coming on to the market. These tend to be a popular choice as developers are in a position to
offer incentives and flexibility that enable aspiring homeowners to purchase property with lower deposits in what is likely to remain a challenging lending environment. As a result, we will see fewer second-hand properties coming on to market as people move out of necessity due to lifestyle change rather than out of aspiration.
In order to accommodate the growing needs of home buyers when faced with fewer second- hand properties to choose from and less funding with which to buy, developers should concentrate on creating more
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