Haddons Estates

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Things are looking up
Tuesday, 21 July 2009 10:17

THINGS are looking up — at least according to a survey of National Association of Estate Agents members who say there are grounds for optimism after the crippling slump in the market.

A third of agents who took part in the NAEA survey said they have seen around a 10 per cent increase in properties coming onto the market, compared to six months ago — and one in six agents reported an increase of up to 20 per cent.

Now, the Government needs to press the banks and building societies to do all they can to aid the recovery, according to NAEA president Gary Smith.

He said: “Since the beginning of the year, NAEA members have seen a significant increase in demand. There are clearly plenty of buyers out there, but the vast majority of those buyers also become sellers and up-to-date figures show that as the buyers decide on a property the supply of housing will increase.

“It is another positive indication that the UK housing market is over the worst and the NAEA calls on the Government to further badger banks and building societies to respond to the opportunity to pull the situation around.”

The NAEA’s latest monthly survey of their members showed that demand is outstripping supply across the UK housing market, with agents registering an average four househunters to every available property.

The survey found that the average branch had 299 househunters 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. The average branch sold 10 properties — a 30 per cent increase on the same time last year and double that sold on average in August 2008.

Mr Smith added: “This is really good news for the housing market and the UK economy in general.

“NAEA 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.

“With 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.”
 
Market thoughts
Tuesday, 21 July 2009 10:11

Market thoughts

The market has seen a recent improvement, however we are all still suffering from a shortage of new properties coming onto the market, resulting in more demand and less supply suggesting a recovery in prices.
 
Latest forcast
Monday, 20 October 2008 10:56

We have seen a great deal of interest in our properties over the last couple of months and have agreed some superb sales at the right price for the vendor.  If you are thinking of selling now is a great time to do so !

 

Call us now and one of our sales advisors will be more than happy to take your call. 01604 626200
 
NHF FORECAST
Friday, 20 June 2008 13:04

NHF forecasts 25% house price growth by 2013

A new report from the National Housing Federation (NHF) has claimed the average house price in England will rise by 25% over the next five years, to reach £274,700.

The document – researched by independent economists Oxford Economics – predicts house prices will fall in 2009, start to recover in 2010, and then rapidly increase from 2011.

A report this week from Hometrack noted house prices had fallen for the tenth consecutive month, with a continued pessimistic outlook for the rest of the year.

The NHF's report also states that though demand is growing, supply of new housing is falling, with only 75% of the new homes required being built each year.

In addition, the document reveals that the least affordable place in 2007 was London, where a typical home was 14.2 times local salaries, compared to a national average of 11.2.

The NHF said that despite some calls to the contrary it is critical that the Government continues to invest in new social housing – as one in every thirteen households is now registered as being in need of an affordable home.

David Orr, chief executive at the NHF, said: “It is clear that even with house prices falling, affordability has not improved one iota. Ministers need to support housing associations in developing mortgage rescue schemes that prevent households from losing their homes. They should also support housing associations in buying up unsaleable private developer homes of a sufficient standard.”