OFFPLAN NEWS

(31.05.2007 )
Property in England The record property prices in England
The average price in the capital crossed the quarter of a million pound threshold in September as prices, fuelled by the gap between supply and demand, bounced back after a slight dip in the summer.

The latest data from haart estate agents reveals the average price of a property increased by 1% in September to £250,907 from £248,580 in August, placing the increase in prices since the start of the year at just over 6%.

Market buoyed by high demand

Housing market activity in the capital has remained strong throughout September, said the report from haart, despite the interest rate increasing to 4.75% at the beginning of August. This rise had little impact on buyers entering the market and as a result demand still exceeds supply with the shortage of stock pushing prices up to £250,907. However, buyers remain price sensitive and overpriced houses are not selling. 

The inadequate supply of stock is partly a result of buyers delaying putting their house on the market until they have found somewhere to move to. Buyers should put their house on the market when they begin their search to ensure they are in a strong negotiating position rather than waiting until they find a new property.

First time buyers drop back

First time buyer levels dropped by 1% to 28% of the market share in September as interest rates increased and prices moved beyond their reach. 

First time buyers tend to be more sensitive to interest rate rises than other buyers and have therefore dropped back this month. The buoyant market is able to survive the recent interest rate rise but further rises are likely to have a negative impact. The market can not sustain rates being pushed much higher and a decision to do so will surely do more damage than good.

Autumn forecast
Average prices across the capital have already increased 6% since January and we are expecting them to increase a further 2% to 8% by the end of the year. City bonuses which have commonly been invested in bricks and mortar have previously had a significant impact on activity and prices. With record city bonuses anticipated in December, we expect to see a lift in prices in the most prestigious areas of London, by as much as 5%.”
London-wide variations
Prices in the South West of London remain the highest at £285,080 but the greatest price increase, 1.74%, occurred in the Northern region bringing the average up to £235,873.

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