Mackenzie Smith Estate Agents agree 2014 is ‘still the year to move’ as asking prices are predicted to reach an annual increase of 8% by the end of the year according to Rightmove’s laest House Price index.
“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.” Commented Ed Mackenzie Smith When asked by Rightmove to comment on how their stats compared to the local picture in North Hampshire.
Recent measures have ‘cooled’ the housing market but in this part of Hampshire, with excellent commuting links, education and surroundings demand from buyers locally and form further afield, particularly moving out of London has not abated. Mortgage approvals are up on last years’ figures, 40% above the monthly average between 2008 and 2012*.
A piece of good news for sellers looking to move is that Mackenzie Smith can offer a premium ‘Target London Buyers’ service so despite price rises we can tap into the lucrative pool of London buyers.
The amount of property available to buy is still a key issue affecting prices, and can be off putting for some who feel less comfortable selling before they can see something to buy, which in turn exacerbates the problem. The construction of new homes is going to be key to the continuing stability of the property market in the south east. National figures show the number of properties coming to the market is up by 9.4% compared to last year, however in the south east it’s just 5.8% more*.
For an in depth look at Rightmove’s House price index please click here*