Many factors can impact the housing market in the United Kingdom – and even events outside the country can cause a ripple effect on prices.
Recently, however, the work of conveyancing solicitors in North Wales has been consistent, despite some fluctuations in interest rates and the availability of properties.
In the last few months, global activities such as wars and changes to international trading tariffs have had a more lasting impact than initially expected on the housing market. House price growth, for example, has not been as robust as many experts had predicted at the beginning of the year. Another driver of creating a less robust environment for buying homes was the recent changes to the stamp duty rules.
However, it is important to remember that the market changes regularly, and most mortgage lenders and solicitors experienced in conveyancing in North Wales have reason to be confident that matters will improve. By 2027, it is hoped that there will be significant amendments to the base rate, which will encourage potential buyers to take the plunge. Changes to mortgage lending have had a positive impact on the confidence of new and first-time buyers, which will hopefully continue to improve. Most forecasts also predict that between 2027 to 2029, the national economy and workers’ wages will grow, increasing buyer confidence.
If you’re interested in taking the leap and purchasing a property of your own, book an appointment with one of our experts at Bennett Smith Solicitors today.
