Jason Barnett - Partner, Coles Miller

Rising Property Prices: Don't Get Trampled By The Herd30th Jan 2014

by Jason Barnett on 30th Jan 2014

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That thunder of hooves you can hear is the herd picking up speed.Jason Barnett - Partner, Coles Miller

We’re some way from a full blown property stampede but there’s no doubt – the market is now the busiest it has been for five years.

Fear of rising house prices has spurred many of the wait-and-see brigade into action. They’re rapidly vacating the sidelines and joining the charge.

Extending Help to Buy to older properties has further fuelled demand and created inexorable upward pressure on prices.

And the fall in unemployment – to within 0.1 per cent of the Bank of England Governor Mark Carney’s ‘maybe we should raise interest rates’ threshold – hasn’t exactly calmed nerves either.

A rise in interest rates is suddenly much closer than it was a month ago, prompting many to think about remortgaging while the going is good.

Our message to buyers and remortgagers is simple: don’t hang about – but don’t panic either. At times like this, you need the steady nerves of an experienced conveyancer.

Upsizing buyers definitely need to get their skates on. Every day of rising prices widens the cost gap between their present property and their dream home.

Be decisive but not rash. Act fast but not in haste.

Downsizers are under less pressure. The market is working in their favour. Their existing home will be making them more money than the price rise at their target property.

But that’s no reason to be complacent. Those who fail to keep a watchful eye on the herd risk getting trampled.

It pays to take expert advice as soon as possible. Contact Coles Miller and ask for our conveyancing solicitors.