Property drought is pushing up prices
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.