Subscribe Feed (RSS)Sales volumes rose by over 43% in 3 months according to Hometrack
June 10th, 2009 by Karelia | Filed under House Prices, London Property Search Agents, Property Market News.Musings of a London Property Search Agent
Property Search Agents like us have felt the soft bounce as well-priced property goes to sealed bids and we remember the heady days of 2007 when a good part of every day was spent ensuring we were given first refusal on new properties to the market. So it is no surprise that Hometrack have produced the figures to support the anecdotes.
A further 9.4% increase in sales agreed in May brings the 3 month increase to over 43% according to Hometrack. The renewed market confidence is without doubt due to increased confidence and lack of supply. The volume of property for sale has risen by 2.5% over the last 3 months but the number of would-be buyers has significantly increased as first-time buyers look to get their foot on the ladder, investors increase their portfolios and families needing more space just don’t want to wait any longer.
Hometrack report that the average agreed sale price is over 90% of the asking price for the first time since August 2008 a statistic which is in itself interesting. Given the rather dire state of the property market last year, I am amazed that anyone paid 90% of the asking price in March 2008, never mind August. Having said that, I am aware of two propertiesin Belgravia, which have been sold for several million over the price we discussed with vendors between March and August 2008. In both cases the buyers were overseas property hunters mistaking additional value caused by a deflating pound for realistic prices at the time of purchase.
If any readers know any such people - please send them our way as this London Property Search Agency will undoubtedly save them a great deal of money!
Tags: House Prices, housing market news, London Property Search Agents, property market news
