The UK housing market has hardly had the most impressive 2012, with property prices continuing to fall across the country and affordability being something dreams are made of. But what will happen in 2013?
What happened in 2012?
Trying to own a home in 2012 did actually get off to a good start as the stamp duty holiday was relaxed until the end of March. This meant that buyers hoping to snap up a property under £250,000 were able to do so without paying anything towards stamp duty.
So naturally, this sent a flurry of buyers to the market stirring up a bit of activity in the first quarter.
Despite this, it was not enoughto keep the momentum going. Housing is expensive and raising a deposit for one is even more of a challenge than trying to get a mortgage approval.
Banks began to relax slightly, but the deepening crisis in Eurozone and the emergence of the Libor scandal caused them to become tighter with their lending.
To...
Read more