Market report on property prices
Is it the start of a recovery or a false dawn? Agents around the UK tell us what they think
Jonathan Morgan, managing director, Morgans, Leeds “The pipeline in the city centre of Leeds has reduced dramatically over the past year, from about 10,000 new units to just 800. It will be interesting to see what impact this will have on prices.”
Rachel Briggs, Winkworth, Sheffield “Demand can only continue to increase, but I don’t believe prices will increase until next year — and then the rise will be very gradual.”
Simon Ashwell, director, Savills, Weybridge, Surrey “This is the busiest August for transactions in the past five years. The volume of sales is four times that of 2007 when the market was just at its peak. Buyers want to commit quickly but there just isn’t the stock to meet this demand.”
Ryan Jones, Winkworth, Market Deeping, Cambridgeshire “Sales will pick up again ahead of the ‘Christmas move’. Four-bedroom detached houses are popular, as price falls have made them affordable to people moving up the ladder. We have seen an increase in first-time buyers, all with help from parents.”
Sam Trounson, Strutt & Parker, Cirencester, Gloucestershire “Buyers have got off the fence, appreciating that they are saving 20-25 per cent on prices since the top of the market two years ago.”
Andreas Bonney, director, County Homesearch, East Anglia “There are a small but determined number of cash buyers, many living in rented accommodation, chasing a smaller number of quality properties in favoured locations. Run-of-the- mill properties are still struggling to recapture buyer interest.”
Chris Baker, Winkworth, Exeter “The market in Exeter is six months behind London’s. Therefore, we have only just started to see a recovery here, although the market is getting better all the time.”
Henry Holland-Hibbert, head of country houses, Strutt & Parker “We will see good activity in the market throughout October and November. Price increases will be rare unless a property is seriously special because the market is still driven by a few good buyers and a few good properties. Blighted properties are not selling.”
Martin Jordan, Chesterton Humberts, Canterbury “The difference between asking prices and those achieved has been significantly reduced. In December there was about a 20 per cent difference; in April this was about 10 per cent; and now houses are achieving close to the guide price.”
Adam Blaskey, Northbeach property development, London “Reports from agents of gazumping and sealed bids are increasing, suggesting it is a sellers’ market for the first time in 18 months.”
Lucy Morton, head of lettings at W. A. Ellis, Central London “The tide has definitely turned in the rentals market in central London. We had a record July and August, letting 50 per cent more properties than in an average month. Tenants and relocation agents are suddenly realising that there is beginning to be a shortage of good-quality stock and in the past week we have had three instances of gazumping.”
Ed Lewis, head of new homes, Savills, London “Owner-occupiers represent the larger part of our market, a change from the pre-crash investor frenzy. But investors are coming back.”
Nigel Field, Winkworth, Kennington, London “In spring we were predominantly selling houses, but in the summer we have seen a sharp increase in the sale of flats, especially to first-time buyers. We are also seeing an increase in investment.”
Tim De Forges, partner, W. A. Ellis, Central London “We are certainly not back in the heady days of 2007. Buyers know their stuff and will not be pressured into paying unrealistic prices because of the shortage of stock.”
Elan Silver, Winkworth, Harringay, North London “Prices are now not underpinned by people overstretching themselves but by demand from capable buyers, which is a much more healthy market than the boom.”
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