Property drought is pushing up prices
IT HAS has been widely reported that buyer demand combined with an ongoing lack of supply is continuing to drive prices higher, predominantly in London and the South of England. This is certainly the case locally, according to Philip Bennett, managing director of Bennett Residential Independent Estate Agents which has been established in Uxbridge for more than 26 years.
“Dwindling stock for sale is leaving many potential home movers ‘sitting tight’ due to lack of potential properties for them to move to.
It said that with the exception of the North-East, home buyers now only have half the choice that was available in 2007. “Multiple offers over asking guide prices are common locally,” said Philip.
Painting both similarities and distinctions between now and the last boom, artificially low mortgage rates have stimulated buyer activity, depleting stock which is not being replenished.
“The buy-to-let market has radically changed the sales market, with many first-time buyers often competing with buy-to-let landlords to secure a home. Marketing times continue to fall in most parts of the country, and the average time on market at 177 days for England and Wales is the lowest since November 2008,” said Philip.
In the South East, time on the market averages 59 days, although Bennett Residential’s experience is that many properties are being agreed following their initial ‘launch’ when they may show as many as 30 potential buyers over a client’s property on the ‘launch day’.
This often results in ‘competitive bidding’, helping ensure their clients achieve the best possible market price within the first few weeks of marketing without the need to spend months showing prospective buyers over their home one at a time.
Philip said: “Property supply remains behind buyer demand locally and this is reflected across the South East as evidenced by falling time on market figures.
Bennett Residential is based at 10 High Street and the office is open seven days a week.
“In Greater London, where marketing times showed a worrying increase earlier in the year, a post-election buyer resurgence has taken up the slack.
“Only in the North-East region, where the recovery is still in its infancy, do we see a significant rise in supply (up 6% compared to a year ago) and this has served to make prices dip.”
Land Registry statistics put the average sale price over 12 months to May 2015 in the London Borough of Hillingdon at £335,354.
If you are considering a move and would like to take advantage of Bennett Residential’s 26 years of local knowledge then please contact them to arrange a free-no obligation market appraisal.You could be pleasantly surprised at what you may achieve for your home! Call 01895 812222, email reception@ bennettresidential.co.uk or call in and see them at 10 High Street Uxbridge UB8 1JN – they are open seven days a week.
Alternatively log onto www. bennettresidential.co.uk.