The current property drought is nationwide, with the average price of a property sold subject to contract in the UK in September at £221,797. On top of that, the supply of properties for sale is 14.3% down compared to 12 months prior, and 3.1% from August this year.
New instructions are also down 18.5% in London, where the average house price last month was £521,383.
Buyer activity is being magnified, with new buyer registrations up 8.4% annually, in particular the number of new first-time buyer registrations is up 7.4% with the current low mortgage rates.
What does this mean for the East and West Molesey property market?
Already we have seen a spike in new buyer registrations with many homes going under offer with the first seven days of marketing, and on average we are acheiving 98% of asking prices. A sure sign that there are more buyers per property.
The affect this has had on the Molesey property market is great news for those planning to sell in the near future. In the past 6 months property prices in East and West Molesey have increased by £15,583 on avg (2.86%), with 117 transactions in the KT8 postcode area in the same time period.
For the first 6 months of 2015 there were 164 transactions which shows a drop in completed sales of around 28%. It is no wonder then that as the amount of new buyers searching for a home increases, and new instructions coming to market dropping, property prices have increased significantly.
This bubble will burst when mortgage rates rise and there are numerous reports that suggest this will happen in the not too distant future, when this happens we anticipate buyer activity will decrease and property values will level off temporairily. We therefor urge anyone considering selling to take advantage of the current market and to bring any plans to sell forward where possible.
Should you require a valuation and market appraisal of your home our appointments are offered free of charge and without obligation. Please contact our sales team on 0208 396 6717 to arrange your appointment.
Sam Kamali | Sales Director
07957 301 214 | email@example.com