The recent Lloyds Bank home owners’ review indicates the number of home owners has risen sharply over the past twelve months and is still far lower than before the financial crisis. The review indicates that the first six months of 2015 has seen a fall of 9%, compared to the same period in 2014. What is causing this? Whilst I am sure that the extra costs associated with moving home, together with a slight apprehension regarding increasing interest rates has had an effect, I think the biggest dampener on the housing market is the number of properties coming on to the market – increasingly I am hearing the mantra “I am not going to market my property until I see somewhere I want to buy”. My hope is that this is the time for the developers to come into the market and start increasing the number of new build properties available, which will hopefully free up the second hand housing market.
Partner – Head of Property