Oliver Miles Monthly Newsletter
Monthly Newsletter - 24th February 2020
Following the Tory election win, interest from property hunters has surged since the new year. There has been a lot more footfall, more listings more viewings and offers and, as a consequence, house prices have risen across the country for the first time since July 2018. The January 2020 RICS Residential Survey results signal a continued improvement in market activity over the month, with indicators on demand, sales and fresh listings all moving further into positive territory. What’s more, respondents across all regions remain optimistic that sales volumes will continue to gain momentum over the next twelve months.
However, there’s still an imbalance, with demand growing at a faster rate than new supply. The stage certainly looks set for an active Spring if those sellers considering putting their homes up for sale end up doing so, but to catch this wave of buyer momentum sellers should take care not to over-price their homes. It’s still a price sensitive market and there’s a limit to what buyers can borrow even though mortgage interest rates are temptingly low.”
Mortgage lender Nationwide said prices in January were up 1.9% compared to a year ago. However, economists are divided whether the growth will continue. Nationwide expected prices to remain “broadly flat” but Pantheon Macroeconomics said demand looked to be “red hot”. Who do we believe? Personally, I believe prices in Purbeck will increase but by how much is debateable, possibly 2.5% or thereabouts.
If you have any questions about the marketing of your property please do not hesitate to contact the office on 01929 426655 or firstname.lastname@example.org
Oliver F Miles FRICS FISVA
RICS Registered Valuer