A report by Halifax this week reported a drop in house prices towards the end of 2010, but George Solley, director of property sales at Thorntons, believes that people should be wary of reading too much into these figures alone when making decisions about putting their property on the market in 2011. He says the traditionally smaller property market during the run up to Christmas can skew average pricing information with small changes at the top or bottom magnifying the overall picture. And whilst he acknowledges that price levels may have been a factor in the reduced number of properties coming on to the market late last year, a lack of mortgage funding remained the most important issue, particularly for first-time buyers.
He said: "Homeowners were really feeling the crunch towards the end of 2010. On top of that the withdrawal of Close Payment Services deferred payment scheme for Home Reports, left many homeowners at a loss as to how they might afford both the production of a Home Report and the marketing costs which are required to get properties on the market.
However a new deferred payment scheme for home reports is now available and Thorntons Property Services have added to it by deferring other costs normally payable up front for buyers taking advantage of it. George Solley believes it could help kick start the Scottish property market in 2011 by throwing a potential lifeline to those looking to move house but unable to find the up front cash for the required Home Report and other fees.
"Although there is still a degree of uncertainty as to the market for 2011 – the decline in prices has not been as severe in 2010 than 2008-2009. People who prefer to can still benefit from paying up front, but other who have been reluctant to put their homes on the market should consider taking the opportunity to do so without the added burden of up front payment. "
Issued by Beattie Communications on behalf of Thorntons Solicitors.
Contact: Kimberley Hamilton, Tel 01698 787878