What’s happening in the property market – January

We’ve had a great start to 2016 with several house sales during this month and more stock coming on board. People often resolve to make big changes in their lives during the month of January and getting more interested buyers on our books has shown this to be true.

Rightmove’s monthly house price index shows the average national asking price of property is £290,963 which is up 0.5% from last month and up 6.5% since this time last year. Good news for first time buyers as Rightmove report that home prices for them have barely risen at all suggesting that the impending stamp duty levy is having an effect already.

In the East of England the average asking price was £312,921 – up by 1.0% since last month and up a huge 9.8% on last year. Early indicators showed that within the first week of 2016 home hunting visits were up 21% on last year showing a real confidence in the market.

The Help to Buy London is an extension of an existing scheme that allows buyers in London to purchase new build property with a 5% deposit and The Guardian wonder if even the extended amount of £240,000 is enough to get a foot on the property ladder in the City. Here in Peterborough there is the distinct possibility of seeing more professionals buy locally and commute to London as it is becoming too expensive for normal people.

Nationwide’s house price statistics for December show the average national selling price was £196,829 which was up 0.3% on the previous month with an annual change of 4.4%. They reported that with this steady rate of growth and the employment market being more buoyant the demand for homes is likely to strengthen.

Chris Plummer Relationship Manager at Tortoise says “It has been pleasing to see both the national and local market continue in a positive fashion into 2016. We are continuing to see new listings locally and a consistent number of completions on a monthly basis. We are continuing to see competitive low rates on high loan to value mortgage products. This is a enabling both first time buyers to enter the marketplace and families to move up the property ladder.”

To keep up to date with our latest properties, news and blogs and check out www.tortoiseproperty.co.uk , our blog www.tortoiseproperty.co.uk/blog or on our Facebook page at https://www.facebook.com/TortoiseProperty/

If you are thinking of putting your property up for sale, or require any mortgage advice prior to searching for a new property give us a call on 01733 592020 to see how our 12 week Marketing Plan can work for you.