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Harefield Gazette - - PROPERTY -

THE av­er­age price of a prop­erty com­ing onto the mar­ket has reached a record high of £294,351 ac­cord­ing to Right­move this month.The pre­vi­ous record was in April at £286,133.

This price surge has been boosted by an up­lift in the post-elec­tion buyer de­mand, short­age of prop­er­ties com­ing onto the mar­ket and an un­de­ni­able lack of af­ford­able new homes for first-time buy­ers.

Right­move re­ported its busiest ever May with its web­site hit­ting 115 mil­lion vis­its.

How­ever, de­spite the elec­tion out­come help­ing to fuel buyer de­mand, the an­tic­i­pated rise in new sellers has failed to ma­te­ri­alise with a tighter sup­ply of new prop­er­ties com­ing onto the mar­ket (Right­move re­ported a de­crease of 8.5% on the same pe­riod as last year) again, fur­ther fuelling the price surge with buyer de­mand con­tin­u­ing to out­strip sup­ply.

There is some light at the end of the tun­nel for many ‘sec­ond step­pers’ who are now find­ing that they are no longer trapped in neg­a­tive eq­uity as their own po­si­tion is boosted by the house price in­creases with the abun­dance of first-time and in­vest­ment buy­ers.

This also comes as good news for the hous­ing mar­ket as these sellers have been liv­ing in homes that first-time buy­ers de­mand but prior to the eco­nomic up­turn were locked in and un­able to move due to lit­tle or no eq­uity.

They are now able to trade up, bridg­ing the gap be­tween first-time buy­ers and those fur­ther up the hous­ing lad­der, with the hope that this should help keep the mar­ket mov­ing.

Latest Homelet rental in­dex fig­ures show rents are up across the whole of the UK by 10.7%, higher than the same time last year.

In Greater Lon­don the av­er­age monthly rent on the three months up to May stood at £1,472 and the av­er­age monthly rent on new ten­an­cies signed in May was even higher at £1,506.

This monthly av­er­age has ex­ceeded £1,500 for the first time in the history of the in­dex.

Whether you are selling or let­ting make sure you use an agent who knows the mar­ket.

Call Lakin & Co to­day or pop into the branch to dis­cuss how they can help you achieve the most from the mar­ket.

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