Estate Agents share their views on this month’s house prices
This month’s House Price Index indicated that the price of property coming to market has fallen for the first time in 2014, down by 0.8% (-£2,116).
Agents across the nation shared their thoughts on these findings:
Simon Bradbury of Thomas Morris Estate Agents in Cambridgeshire, Bedfordshire and Hertfordshire:
“The housing market is pausing to catch its breath after seeing continual increases this year. Recently there has been an increase in houses coming on the market and a slight reduction in demand, due to factors like the Mortgage Market Review and the wave of buyers who took advantage of Help to Buy having come and gone. Looking to the second half of 2014 I think prices will largely stay the same in our area, or even reduce slightly, and I also think that we’ll see transactions go down over the next six months.”
Mark Manning of Manning Stainton in Leeds, Harrogate and Wakefield:
“During the first half of the year instructions were up by around 7% in our area, but sold volumes increased by 25%, creating an imbalance in supply and demand. A bigger challenge sellers have faced is the time from sale agreed to completion – the introduction of the Mortgage Market Review has meant that on average sales are taking around 3-4 weeks longer to go through, as lenders and solicitors struggle to keep up with the new process. In the next half of the year I think prices will settle down a bit and I would urge all sellers to ensure they have a good agent with the capacity to help push a sale through to completion.”
Andrew Barry of Peter Alan Estate Agents in South Wales:
“Prices have now started to cool which means sellers are going to need to be more realistic with the price they expect to get for their property, but it is still one of the best times to put a property on the market because the reduced demand means there is now more choice for those looking to trade up. Looking to the next six months I think activity will remain strong and our market will stay healthy, with hotspots like north Cardiff continuing to see an increase in demand.”
Daren Haysom, Foxtons Director in East London:
“The period leading up to and including summer is often a calmer period for the property market and this year’s concentrated bank holidays in April and May, as well as the special occurrence of the World Cup, meant that there were a few extra distractions. Added to this was the speculation about interest rate increases, resulting in a slightly reduced pool of applicants, in particular first time buyers. We are still experiencing quick sales times though and it’s not uncommon to see great properties going under offer within a day or two of coming to the market. Following annual trends in the market though we expect to see a full return in strength, from September onwards. In east London, areas such as Hackney and Waltham Forest are still quite new to many first time buyers and it is often a big step to head to unknown territory, but those that do may find the better deals before everyone decides to follows suit.”
Ed Mackenzie Smith of Mackenzie Smith Properties in Hampshire:
“The earlier rapid increases in house prices has cooled but demand remains strong and accurately priced property is still selling very quickly. Vendors must remember that you can still overprice a property in a sellers’ market. The real issue is the continuing shortage of property coming to the market. More London buyers are targeting the North Hampshire area based on quality of location, schooling and better value for money which puts extra pressure on demand.”
