Every part of house buying industry 'came to a standstill in January'

Posted: 11 Feb 2010 10:26:30 GMT

Every single part of the house buying industry and mortgage market "came to a standstill" in January, one expert has stated.

Catherine Hearnden, director of MyMortgageDirect, said that buyer interest and new instructions decreased because of the bad weather that was experienced nationwide during the first month of the year.

"Surveyors weren't able to get properties, people weren't able to go and view, estate agents were closed, solicitors weren't available," she added.

Ms Hearnden stated that recent figures from the Royal Institute of Chartered Surveyors, which revealed that would-be homebuyer enquiries dropped during January for the first time in over a year, may not be reflective of the housing market as a whole.

New forecasts from the Centre for Economic and Business Research have predicted that average house prices in the UK are set to rise by six per cent over the coming year.

Furthermore, by 2013 the value of property is thought to be some 20 per cent higher than the level it stands at now.

© Houseladder Ltd