It's been a bit of a long time coming - 10 months in fact - since the property market turned and buyers started to gain confidence and make offers. And it's taken until now for sellers to respond positively by putting their home on the market.
What we know, is the property market when it turns (up or down) does so very fast. Confidence returns, buyers see properties they wanted to buy disappearing off the market quickly, more sold boards go up, properties start to rise, then sellers start to see how much neighbours are selling for and put theirs up for sale to benefit.
Here are some of the Report Headline Highlights
“Prices up by 3.3% despite 18% jump in new seller numbers.”
“Price Hike Alert: London Leads the Charge.”
“House hunters set new six year high as supply continues to fall.”
“House price rises across more than half the country as recovery spreads - highest coverage of growth for a decade.”
“House prices continued to rise in February.”
“House prices in the three months to February were 2.1% higher than in the three months to November.”
“Average prices up £1,348 in January, setting a new record high.”
“The January data shows a monthly price change of 1.0 per cent.”
Kate Faulkner comments on the headlines:
“The property price surveys are all in agreement that prices are rising. The discussions now though are very much around – are prices rises ‘too fast’ and therefore is it causing an unsustainable bubble which will burst?
In London it certainly seems to be a few areas such as Hackney are racing away and year on year, prices are growing more than their long term annual average. However, just because prices are rising, doesn’t mean it’s not sustainable.
We have quickly forgotten that First time buyers and other property owners have had six years to save and contemplate moving. Over this time, only half the normal number of people have bought and sold, so it’s not really a surprise demand has grown quickly as soon as confidence has come back into the market. So we should be celebrating price rises which are heading ‘back to normal’ rather than fearing them. They are good for the industry and the economy."
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