Prop­erty drought is push­ing up prices

Harefield Gazette - - UXBRIDGE PROPERTY -

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.

UXBRIDGE OF­FICE:

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.

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