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.

Technorati Tags: Average London house prices, Hometrack, House Prices, London Property Buyers Agents, London Property Search Agent, property, real estate

Tags: Average London house prices, Hometrack, House Prices, London Property Buyers Agents, London Property Search Agent, property, real estate

Musings of a London Property Search Agent

April statistics from the Land Registry House Price Index were published today and showed that London house prices have fallen for the third consecutive month, dropping half a percent versus March.  However there was also good news.

Firstly, average London house prices are still 6.4% higher than they were in April last year.

Secondly the December slide in average London prices of 0.003% which represented a £10 drop on the average London house price is now recorded as an increase of 0.068% which represents a jump of £240 on the average house price.

Why do the figures change? The blame can be laid fairly and squarely at slow legal practitioners. Usually house sales are registered within 4 weeks of the sale, hence the lag in Land Registry house price data versus indices such as the Halifax or Nationwide. Some sales are always registered late and it is these sales which make the difference as the index is updated to take account of late registrations.

The April data shows that London house prices dropped 0.33% in February, 0.48% in March and 0.53% in April. Is this a sure sign of the house price crash, recession and general gloom and doom? Not necessarily. To put these figures into context, the total drop in prices amounts to -1.35%. But London house prices rose 3.74% between August 2007 and January of this year, so since the credit crunch started, prices are up 2.39%. And prices are still 6.4% higher than a year ago.

The percentage of high loan to value mortgages are nothing like as high as the early 90s, so sellers are sticking firm on prices and buyers are having to rely on auctions, repossessions and people like us to sniff out the bargains. In our opinion the London housing market is far too robust to play a major part in any house price crash.  If you want help to find the right place at the right price then look no further than this London Property Search Agent.

Technorati Tags: Average London house prices, House prices in London, london house prices rise, London Property Search Agent, Prices rise in London

Tags: Average London house prices, House prices in London, london house prices rise, London Property Search Agent, Prices rise in London