According to research from The Family Building Society, most brokers think that UK house prices will stagnate (53.33%) or rise (46.67%) whilst none think they will fall. Buy-to-let investors followed by first time buyers will be hardest hit by economic pressures, brokers predict.
Two thirds of brokers think that Bank of England base rates will remain the same at the end of 2017, whilst a third predict a rise to 0.5%.
When asked what the Chancellor should do to help free up the market, a quarter believe the Chancellor should discount Stamp Duty for home owning retirees who plan to downsize, whilst one in eight feel that the tax should be abolished for first time buyers.
In addition to simplified planning regulations for new homes, a fifth of respondents would like local authorities to be granted permission to raise funds to build more affordable housing.
The Family Building Society, which recently rebranded from National Counties, also reported its best ever lending figures in 2016.
The Society recorded a 26% rise in gross advances to £267m and a 66% increase in net advances to £124m.
In total, FBS processed processed £394 million applications, up 2% year-on-year
The Group grew its market share by 10%, whilst mortgage balances were up by 12.7 %.
Chief Executive Mark Bogard said: “This year we have continued to deliver a personal service and an innovative and award winning range of products that our introducing brokers and their customers have thanked us for. This is reflected in my post bag; letters of thanks and complimentary emails about our attention to detail outnumber letters of complaint by two to one.
“We have long lent to older borrowers many of whom have been turned down by High Street lenders. Whilst others talk about helping the older borrower, they can’t or won’t deliver the solutions this under-served market needs in the way that we have done for many years.”
