Spring has sprung – but is the housing market buoyant?

Looking at the headlines in many of the papers, and the earnest discussions on television and online, you'd be forgiven for expecting the UK economy to be taking a bit of a battering.

This has not been helped by the unconventional and occasionally bewildering methods that the US government has adopted with tariffs, particularly with respect to the impact that has on the UK and broader global economies. At this stage, it's also difficult to predict how and where the dust might settle because of everything else that is going on having a potential to impact your pocket.

However, online portal Rightmove has reported that the housing market has maintained its resilience in spite of the pressures exerted on it.

Rightmove's analysis has been reported in Estate Agent Today among other news outlets.

What has come as a surprise to some analysts is that the average price of a property coming on to the market in the last month has risen to a new record of 1.4%, which translates to a rise of over £5,300 on the average price of a property.

• Property prices increased by 1.4% (£5,300 on average)
• Buyer demand in March was 5% higher than same period last year
• Number of new sellers increased by 4% compared to last year
• Northern regions show higher demand and property availability
• London was the only region to register a decrease in prospective buyers

While it is generally anticipated that the Spring market will be more buoyant than at other times of the year - the sense of a fresh start and the uplift in general mood that the season brings - it is even greater than had been expected, particularly with the external pressures that have recently been applied on the market with global politics and the discontinuance of the first-time buyer reduction in stamp duty at the beginning of the month.

According to the report, too, houses that are priced realistically at the point that they are put on the market are far more likely to be snapped up than those properties that have been initially overpriced and forced to gradually drop the price to meet the demand of the market. This comes as a warning to prospective sellers who think they can capitalise on the current buoyancy of the housing market and get more money for their home than the market price demands.

However, it should be noted that the news is not a blanket across the country, since there is a higher of both demand and availability of properties in the northern regions and correspondingly much lower figures for the more affluent south-east regions and London, with the capital being the only location to register a shrinkage of prospective buyers.

With the global economic uncertainty, the dust has yet to settle completely and the impact on the housing market, interest rates (which will have a knock-on impact on the availability of mortgage products and on the rates set), and disposable income to save for that all-important deposit.

So, the key takeaway from the news is that the housing market is remarkably resilient and still buoyant despite external pressures. It might be a good time for you to consider moving, but to avoid the trip-hazard of over-extending yourself so that your property investment is protected.

Whatever your property purchase or sale plans are, you'll want to ensure that the legal side of the transaction is as swift and as seamlessly trouble-free as possible, with a service that is of high quality and particularly good value for money.

To this end, look no further than Homeward Legal whose conveyancing solicitors use are focused on your needs with a drive to complete your transaction as quickly as possible.

Our conveyancers will start work on your plans as soon as you agree to the quotation and appoint them to represent you.

Homeward Legal will also provide a quote that will not change - what you are quoted is what you pay for standard conveyancing process, which means you can effectively budget for your conveyancing needs.

There are some unforeseen items that might arise during the purchase and/or sale, which includes a specialist flood assessment report, but the solicitor discusses these and their cost as they come up.

In addition, to protect the homebuyer further, Homeward Legal operates a 'no completion, no fee' promise, which ensures that, should the purchase or sale not go through as planned to completion status, no payment is required.

Call to get your conveyancing quote started, or to discuss your concerns with your plans to move.

Or you can get a quick quote, using our easy-to-use quote generator.