News from the front delivered by a London Buyers Agent

The NAEA (National Association of Estate Agents) has announced that demand is outstripping supply across the UK housing market, with estate agents registering four home buyers to every available property for sale.

The monthly market survey of the National Association of Estate Agents found that the average branch had 299 home buyers on its books in May €“ up from 265 the previous month and 247 in May 2008. The average branch had 69 properties on its books. For the second month running estate agents also reported a successful selling period, with the average branch selling 10 properties a month – a 30% increase year on year.

Commenting, Gary Smith, President of the NAEA, said: €œThis is really good news for the housing market and the UK economy in general.

€œNAEA members are showing that there are buyers a-plenty out there. More often than not these are also potential sellers who are at the beginning of the process €“ so there is bound to be a lag which creates a shortage of properties in the short term.

€œWith mortgage interest rates at historically low levels and prices now far more realistic than in previous years, home ownership in the UK seems to be set to lead the way out of the recession.”

Confident words indeed but no Buyers Agent based in London can deny feeling the slight bounce.  I never thought I’d say this but thank goodness for the HIP!  It’s keeping vendors away, limiting supply and fueling demand for great property not on the market. And since we buy so much property off-market, that’s just one area we can add value!

Technorati Tags: home buyers, London Buyer's Agent, market forces, NAEA, off-market property

Tags: home buyers, London Buyer's Agent, market forces, NAEA, off-market property

Musings of a London Property Search Agent

Bigwigs from the RICS (Royal Institution of Chartered Surveyors), the NAEA (National Association of Estate Agents) and others have called on the Chancellor to clarify any changes to stamp duty payments asap, reports The Telegraph today. August is traditionally a slow month in the world of property sales and this year is particularly bad but some property professionals fear buyers will fail to complete before September to avoid missing out on any concessions.

Ideas mooted have included lengthening the deadline for payment of stamp duty. This would be of particular help to first time buyers who routinely pay in excess of £250,000 for their first property, incurring a stamp duty liability of over £7,500.
 

The mid-market would also benefit, as many people who want to move up the property ladder prefer to improve than to move to avoid the tax which works out at £40,000 on a £1,000,000 property – a good-sized family home within zone 2 in London.
 

Stamp Duty Liability as of 07.08.08

• 0% for residential property priced up to £125,000
• 1% for residential property priced between £125,001 and £250,000
• 3% for residential property priced between £250,001 and £500,000
• 4% for residential property priced over £500,001

To take advantage of this period of stamp duty relief contact this London Property Search Agent.

Technorati Tags: London Property Search Agent, NAEA, property ladder, RICS, Stamp Duty

Tags: London Property Search Agent, NAEA, property ladder, RICS, Stamp Duty