The Autumn market is traditionally one of the strongest with a surge of post-holiday momentum for both buyers and people looking to sell. According to Rightmove the price of property is down 1.2% on the previous month but this was to be expected in what they term as a year of two halves.
Nationwide report that with the employment rate at a ten year low and interest rates providing the basis for some excellent mortgage deals, this means the market should remain buoyant if sellers are confident enough to come to market and boost the supply. The house price index on Rightmove shows the average national asking price of property is £304,222 which is down 1.2% from last month and up 4.1% on last year. Nationwide’s house price statistics for July were encouraging with a 0.6% increase on the average national selling price making it £206,145 with an annual change of 5.6%.
Taking into account the Nationwide data as well as the Rightmove data this shows that although asking prices are a little lower due to there being a lower supply of property available during the summer months buyers are still purchasing at a higher purchase price than in previous months.
In the East of England as usual we are above the national average asking price which here is £334,951 – down by 0.4% since last month and up 8.2% on last year. Each area has seen decreases but this is typical of the market this time of year.
First time buyers and Second Steppers are faring well with their markets moving a little quicker than the larger homes of 4 bedrooms and over. That is the national picture, but we find the story a little different here in Hampton. As it is a great community with schools on the doorstep and in the commuter belt the pricing of the larger homes is very competitive compared to neighbouring Cambridge and in the commuter districts on the way to London and other commutable cities.
This really is a great time to buy with offers and deals both from mortgage lenders and builders. Property is a sound investment and will continue to be so. First time buyers are making the most of the great deals and whilst building work continues to rise around the country the supply of available property is increasing.
Chris Plummer Relationship Manager at Tortoise says “A slight decrease in asking prices would suggest that the second half of the year will benefit agents that have good marketing strategy, great presentation and skilled negotiators. With these tools, it is still very possible to achieve an increased sale price in the second half of the year even though there is pressure on the asking prices being advertised in the local area. It will be more difficult for agents that use the “list and leave” approach to selling a property to achieve the expectations of their vendors.”
So if you’re thinking of selling your property give us a call on 01733 592020 to see how our 12-week Marketing Plan can work for you.
Here are some of our recently sold properties using our 12 week plan:
High Court Way, Hampton Peterborough
Bushy Court,Hampton Peterborough
Daisy Drive, Hampton Peterborough
Reedland Way, Hampton Peterborough
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