Monday, 18 October 2021

South East house prices ’at breaking point’

THE ever-shrinking supply of available property is pushing house prices in the South East to breaking

THE ever-shrinking supply of available property is pushing house prices in the South East to breaking point.

House prices have risen across all parts of the UK for the third consecutive month, according to the latest RICS UK Residential Market Survey (October 2015).

Contributing to the rise in prices across the country, demand from potential buyers grew across the UK with 21 per cent more respondents seeing a rise in new buyer enquiries, which marks acceleration compared to previous months.

As such, demand continues to considerably outpace supply, as the number of new instructions remains unchanged.

The supply of new stock has been in decline since the middle of 2014, with the number of new instructions only increasing in one of these months.

Despite the lack of new stock to the market, sales activity is relatively healthy and following a small pick-up in agreed sales in September, activity was little changed this month across the UK.

In a typical year, at the beginning of November, many homeowners decide to take their house off the market until the spring as a method to keep the property looking fresh.

But, this year, with the market as it is, is that a good move?

Alex Barton, at Strutt and Parker in Pangbourne, says decisions about when and how to market your home are best taken in light of the facts on the ground.

The idea of a seasonal market place has dissipated. This year the market has been affected by politics more than any other external factor, bearing little resemblance to the traditional norms.

So what should you do if you have a property to sell? Barton suggests rather than leaving the house in the bottom drawer for a few months, keep your property active, online and open to viewings and offers.

This course of action will suit many people, in most circumstances, but not others.

Barton explains if you consider yourself a committed seller, then work with the market and your agent.

Strutt and Parker have reported an unusually high number of buyers registering with them, with quantity of viewings also higher than expected for this time of year.

They report that property at all price levels is going under offer clear evidence that quality buyers are out there and that they want to buy.

For those staying on the market, they will also catch the usual peak in property portal visits between Christmas Eve and New Year’s Day.

Highest ever Rightmove page views were recorded last year during Christmas and web traffic in January was at an overall high.

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