Property prices continue to rise
House prices rose for the third month in a row in April as market conditions in London improved to levels not seen since 2007, a property analyst reported.
Prices increased by 0.3% month-on-month across the country, following a similar uplift in March, with a 0.7% rise in London driving the rate of growth, Hometrack found.
Demand from new buyers registering with estate agents in London has grown three times faster than the rate of homes coming on the market over the last three months, the study said.
Meanwhile, some key signs of the health of the London market have recovered to levels not seen since the property boom in 2007. These include the typical proportion of the asking price achieved on London property sales, which now stands at over 95% in both London and the South East, compared with 93% in the rest of the country.
London homes now take just four-and-a-half weeks to sell typically – which is around half the national average and also the quickest selling time seen since 2007.
Although the strength of the London market continues to outperform the rest of the country, there are signs that the market is also picking up elsewhere. This has been helped by improved levels of confidence in the market generally and a continued shortage of homes coming up for sale, according to Hometrack, which questions around 6,000 estate agents and surveyors for its survey each month.
Outside London, the next highest levels of growth were seen in Oxfordshire and Cambridgeshire, which recorded increases of 0.5% and 0.4% respectively.
Across the country, the length of time it takes to sell a home has been cut from almost 10 weeks in January to nine weeks by April. Meanwhile, demand from buyers registering with estate agents has been outstripping the supply of homes coming to market for the last three months. Across southern regions it now takes less than two months to sell a house on average, although across the Midlands and northern regions it still takes over 10 weeks, and the average selling time in the East Midlands is 13 weeks.
The North East was the only region across England and Wales to see prices dip month-on-month in April, recording a 0.1% decrease. Prices were flat in the Midlands, the North West and Yorkshire and Humberside. They increased by 0.1% in East Anglia, the South East and the South West and saw a 0.2% uplift in Wales.
Richard Donnell, director of research at Hometrack, said some “noticeable” shifts in the market are helping to bolster house prices. One is that home owners who are considering moving are delaying putting their own home up for sale before they find somewhere to buy. This is in turn keeping the number of homes on the market low and firing up demand.
Latest posts by Silversurfer's Editor (see all)
- Back-Roads Touring brings the small group experience to Asia - April 19, 2018
- Tafika embarks upon an exciting adventure with fellow release-phase orphan, Batoka - April 18, 2018
- Win ONE of TEN copies of The Sapphire Widow - April 17, 2018
- Why Kim left a gift in her Will for dementia research - April 16, 2018
- How to make your own pesto - April 16, 2018
Leave a Comment!
Community Terms & Conditions
These content standards apply to any and all material which you contribute to our site (contributions), and to any interactive services associated with it.
You must comply with the spirit of the following standards as well as the letter. The standards apply to each part of any contribution as well as to its whole.
be accurate (where they state facts); be genuinely held (where they state opinions); and comply with applicable law in the UK and in any country from which they are posted.
Contributions must not:
contain any material which is defamatory of any person; or contain any material which is obscene, offensive, hateful or inflammatory; or promote sexually explicit material; or promote violence; promote discrimination based on race, sex, religion, nationality, disability, sexual orientation or age; or infringe any copyright, database right or trade mark of any other person; or be likely to deceive any person; or be made in breach of any legal duty owed to a third party, such as a contractual duty or a duty of confidence; or promote any illegal activity; or be threatening, abuse or invade another’s privacy, or cause annoyance, inconvenience or needless anxiety; or be likely to harass, upset, embarrass, alarm or annoy any other person; or be used to impersonate any person, or to misrepresent your identity or affiliation with any person; or give the impression that they emanate from us, if this is not the case; or advocate, promote or assist any unlawful act such as (by way of example only) copyright infringement or computer misuse.
Nurturing a safe environment
Our Silversurfers community is designed to foster friendships, based on trust, honesty, integrity and loyalty and is underpinned by these values.
We don't tolerate swearing, and reserve the right to remove any posts which we feel may offend others... let's keep it friendly!