Musings of a London Property Search Agent
Hometrack published the results of their March House Price Survey today, the results of which support the murmurs of green shoots.
Buyer registrations are up a further 8.5% year on year after a high of 17.1% in February; sales agreed are up 18.6 % following a year on year increase of 35.9% in February; the average time on the market has dropped to 11.3 weeks and on average 88.8% of the asking price is being achieved.
The best news is that buyer registrations and sales volumes are up, but the double digit increases over the last few months is less impactful than first appears, given the low base.
House prices which are down 10.3% year on year according to Hometrack continue to slide, but the momentum appears to be lessening, with a month on month decline of 0.6% in March.
All great news, but sadly the volumes are too small for comfort. In our capacity as Buyers Agents, increasingly we are talking to people who just want to get on with their lives, rather than wait for the market to recover before moving on. Perhaps I am feeling particularly gloomy today, but I don’t think the market is exhibiting much more than pent up frustration after a year of very little movement. For those who want to move in the next two years, as long as you buy well, for the right price and make a good buying decision, now is as good a time as any, but the price agreed will be key, as the market is likely to drop further albeit more slowly than in recent months. Call this London Property Search Agent for sound advice on prices.