Property Market Comment
Updated 11:10am Saturday 5th July 2014 in News
‘Steady as she goes’
Ian Perry, Managing Director, Perry Bishop & Chambers
IN the past month or so there has been much hype about concerns that the property market might be overheating, or could overheat.
A measured and realistic analysis of the data shows that house prices in London had risen quite substantially through the autumn and spring but the national average rise in prices was still hovering at around 10 per cent.
The truth behind these figures is that in some parts of the country there remains very little growth in prices.
Alongside this there has been good news and we have definitely seen an increase in the number of transactions as the pent up demand for home moving, held back in the recession, starts to flow through the system.
The introduction of new mortgage restrictions in April has had a slightly negative effect on the market. It is increasingly important for vendors to employ an agent who checks the proceedabilty of buyers before agreeing a sale.
We have heard numerous stories of less thorough agents failing to do this and sales falling through unnecessarily.
There have also been stories about lack of supply in the market.
At Perry Bishop and Chambers we are always keen to take on new clients but a measured view shows that new instructions have risen steadily through the first six months of the year and prices have risen about 10 per cent year on year, although buyers remain cautious and overpriced property will not sell.
As the economy continues to recover and confidence grows we expect transaction levels to continue to increase, prices to continue to rise at a sustainable rate and our business, locally owned and managed to continue to flourish.