Much research published about the state of the UK property market is published in the main by large firms of estate agents... so bear that in mind!
- Camden is now one of the four most expensive boroughs in London. Rightmove has announced that the average price in four of London's boroughs is over £1 million. The boroughs concerned are Westminster, Hammersmith & Fulham, Kensington & Chelsea, and Camden. Across the boroughs London has seen an increase of 10.2% this year, with an average property price of £544,232, and the rest of the country has seen an increase of 2.8% with an average price of £252,418. Please be aware that it is believed that the prices in the top four boroughs may have a marked distorting effect on the average London price.
- It seems that there are nearly twelve buyers for each property on the market in London and the South East.
- House sales are at a four year high.
- Homes are selling fastest in London, taking on average forty-nine days. Some have been reported to complete in twenty days (these tend to be cash buyers). These tend to be localised markets, even in London, where there are higher household incomes. Property transactions are taking much longer outside London and the South East.
- 'Help to Buy' would appear to be helping those under the age of thirty the most. There is some suggestion that it will also assist those known as 'second-' or 'third-steppers' though there does not appear to be any statistics to support this, as yet.
- The average number of property sales that sadly fall through remains on average at a rate of 33.3%. There was a recent spike in this figure, which was explained as the 'Help to Buy effect', when buyers were rushing in with offers without securing a mortgage beforehand. Remember that the lending criteria for 'Help to Buy' are very strict, so get your mortgage offer first.
- Mortgage lending increased by some 30% compared with September 2012.
- 70% of properties throughout the UK sold for less than their original asking price. This sums up the polarised market in this country at present.
- Cash buyers have been a surprising force in the property market, with older people who are downsizing paying cash only for property at their highest rates in the South West in particular.
- There is 18% less property stock on the market than this time in 2012.
If you require any assistance with your property sale, please contact us for a free conveyancing quotation or call our property team on 0207 387 2032.
