IAN Perry of local agents Perry Bishop and Chambers reports: “We have seen another bounce in the property market with exceptional sales arranged throughout July in all of our branches and the market seems to have recovered from the slight lull which occurred when new mortgage lending constraints came into effect in April.
In the last week we have seen a major property portal report that enquiries have increased 27 per cent in the first six months of 2014.
A major building society reports July prices rose by 0.1 per cent from the previous month and are now 10.6 per cent up on last year.
The Bank of England reports that mortgage approvals have increased again in June after the April/May slowdown and has affirmed yet again that bank rates shall remain at 0.5 per cent for the next month.
The Council of Mortgage Lenders is now expecting lending to increase 18 per cent this year over 2013.
The Office for National Statistics says prices rose by 10.5 per cent in the year to May.
House building is now increasing at its fastest rate for more than a decade and at Perry Bishop and Chambers we have seen increased demand for building land or any re-development opportunities.”
Where will this all go?
CBRE estimates that prices will be 30 per cent higher in five years time and is now predicting a 12 per cent increase in the current year.
Ian Perry said: "We should always remember that national housing statistics can be very distorted particularly by the London and South East Market. The London Market particularly should be regarded as being part of the international market with funds flowing in from Middle East, Far East, Russia and more recently South America.
"At Perry Bishop and Chambers we are pleased to see that the number of sales continues to increase steadily and that house prices are seeing steady rather than spectacular growth.
"In a market such as this it is increasingly important that sellers take advice from reputable estate agents with experience who can provide up to the minute information on prices and activity in their area.”