Prop­erty drought is push­ing up prices

Harefield Gazette - - PROPERTY -

LO­CAL KNOWL­EDGE:

For ex­pert prop­erty ad­vice, pop into the Ben­nett Res­i­den­tial of­fice in High Street Uxbridge.

IT HAS been widely re­ported that buyer de­mand com­bined with a con­tin­u­ing lack of sup­ply is con­tin­u­ing to drive prices higher, pre­dom­i­nantly in greater Lon­don and the South – and this is cer­tainly the case lo­cally ac­cord­ing to the man­ag­ing di­rec­tor of Uxbridge’s Ben­nett Res­i­den­tial In­de­pen­dent Es­tate Agents, Philip Ben­nett.

Ben­nett Res­i­den­tial was es­tab­lished in Uxbridge in 1988 and is now en­ter­ing its 28th year of serv­ing the lo­cal com­mu­nity. Philip re­ports that while there has been a slight im­prove­ment in stock lev­els since the be­gin­ning of the New Year, stock lev­els of prop­er­ties for sale are gen­er­ally widely re­ported to still be roughly half of what they were in 2007/08 – leav­ing many po­ten­tial home movers ‘sit­ting tight’ due to lack of po­ten­tial prop­er­ties for them to move to.

Na­tion­ally, with the ex­cep­tion of the North East re­gion, home buy­ers now only have half the choice that was avail­able in 2007/2008. “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.

Philip added that the buy-to-let mar­ket has ‘rad­i­cally changed’ the sales mar­ket, with 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 the mar­ket at 177 days for Eng­land and Wales is the low­est since Novem­ber 2008.

Philip said that since the start of the New Year de­mand has been high from buy-to-let in­vestors wish­ing to com­plete a pur­chase prior to the ad­di­tional stamp duty be­com­ing payable in April this year.

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 day’ when they may show as many as 30 po­ten­tial buy­ers over a client’s prop­erty. This of­ten re­sults in ‘com­pet­i­tive bid­ding’, help­ing to en­sure that clients achieve the best 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. 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 there slightly.”

If you are con­sid­er­ing a move and would like to take ad­van­tage of Ben­nett Res­i­den­tial’s 28 years of lo­cal knowl­edge, please con­tact them for a free noobli­ga­tion mar­ket appraisal: you could be in for a shock at what you may achieve for your home!

Call 01895 812222, email re­cep­tion@ ben­net­tres­i­den­tial.co.uk or pop in and see them at 10 High Street Uxbridge UB8 1JN (open seven days a week.) Al­ter­na­tively log onto www. ben­net­tres­i­den­tial.co.uk.

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