Mark Riddick, chairman of Search Acumen, comments on the Land Registry House Price Index for December:
“Today’s figures show a tumultuous year for the UK housing market ended with prices still on the rise. The slight cooling of growth in the second half of 2014 will have encouraged more buyers to market, and transactions in the four months to October were up 9% year-on-year.
“December often brings a seasonal stupor in property activity, but these figures suggest the market has weathered a potential storm following changes to mortgage criteria. Stamp duty reform has only scratched the surface of fixing the structural issues in the housing market. But for now, it has lifted buyers’ spirits and should boost conveyancing activity in the early part of 2015.
“The improving economy and rock bottom mortgage rates should help to sustain this momentum ahead of the election. Further measures to boost housing supply are promised, so conveyancers should brace themselves to take advantage of continuing growth. Ensuring they are ready to deal with rising transactions must be at the core of their strategy – not necessarily by hiring staff, but by finding ways to hone their processes and work smarter to their maximum capability.”
