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.
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 | sam@newtonhuxley.co.uk
We are about to enter a sellers’ market, Halifax has put the average house price at £200,280, 3.3% higher than three months ago and up 9.6% from 12 months ago.
Martin Ellis, Halifax economist has said that the shortage of new properties coming onto the market has been a major factor in house price growth this year.
In a recent report from RICS (Royal Institute of Chartered Surveyors) confirms that the average number of properties on the market per estate agency is at a record low since 1978.
RICS said that both house prices and rents are likely to grow at a rate exceeding growth in wages.
Corporate Estate Agency LSL have also reported a 15% increase in sales last month. Signifying the start of the anticipated post-election boom.
Is it really a sellers’ market? We think so. Having reviewed transactions throughout the first six months of 2015 we can confirm there has been a steady increase in buyer activity. We can also see evidence that properties will begin securing buyers that have previously struggled to sell. Here are our reasons why:
Tory Victory In General Election
Many believed the post-election market would immediately take off, however confidence in the market that was anticipated did not arrive. Homeowners that were expected to put their property on to the market post-election delayed their move creating a shortfall in property stock for proceedable buyers, which has increased demand to supply ratio significantly. This is the main factor in our achieving over 98% of asking prices throughout 2015.
Low Interest Rates
Attractive interest rates have not just increased activity from buyers, many homeowners have opted for a remortgage and to stay put, further exasperating the current market. Recent media reports suggest that interest rates are set to remain low for the foreseeable future. In some cases remortgages are saving homeowners £100's of pounds a month on repayments – if you would like us to put you in touch with a broker to explore potential savings please call us on 0208 396 6717.
Increase In Buy To Let Activity
Partly due the lower interest rates available, there has been a jump in the number of investors registering for buy to let opportunities, increasing competition for property even further.
So what is the right choice for you?
For a confidential discussion, whether or not you are looking to Sell or Buy in the East Molesey, West Molesey, Thames Ditton, Esher or Walton On Thames area please get in touch on 0208 396 6717, email info@newtonhuxley.co.uk or request a valuation.
We all want to know that where we settle our family is the right place to get the best opportunities and quality of life. If you picked East Molesey, West Molesey, Esher, Thames Ditton or anywhere within the Elmbridge borough, you apparently made a pretty good choice!
If you haven’t decided yet, the table below outlines the top 50 places to live in the UK.
LOCAL AUTHORITY Hart |
REGION South East |
RANK 1 |
AVG WEEKLY EARNINGS 839 |
CRIME RATE 16.6 |
Elmbridge | South East | 2 | 1,104 | 36.1 |
Winchester | South East | 3 | 780 | 15.5 |
Rutland | East Midlands | 4 | 623 | 13 |
Chiltern | South East | 5 | 941 | 34.7 |
Uttlesford | East of England | 6 | 819 | 16.3 |
South Northamptonshire | East Midlands | 7 | 691 | 16.9 |
Rushcliffe | East Midlands | 8 | 731 | 28 |
Wokingham | South East | 9 | 786 | 26 |
Waverley | South East | 10 | 903 | 16 |
Warwick | West Midlands | 11 | 704 | 37.8 |
St Albans | East of England | 12 | 1,010 | 28.1 |
South Cambridgeshire | East of England | 13 | 772 | 25.3 |
Sevenoaks | South East | 14 | 895 | 27.3 |
Richmond upon Thames | London | 15 | 977 | 51.3 |
Bracknell Forest | South East | 16 | 714 | 16.5 |
Mid Sussex | South East | 17 | 714 | 13.5 |
Huntingdonshire | East of England | 18 | 645 | 28.3 |
Mole Valley | South East | 19 | 870 | 20.4 |
Surrey Heath | South East | 20 | 768 | 16.8 |
South Oxfordshire | South East | 21 | 845 | 18.6 |
Stratford-on-Avon | West Midlands | 22 | 699 | 26.3 |
Guildford | South East | 23 | 833 | 29.3 |
Babergh | East of England | 24 | 649 | 17.3 |
Chelmsford | East of England | 25 | 761 | 24.8 |
Windsor and Maidenhead | South East | 26 | 853 | 55.1 |
Reigate and Banstead | South East | 27 | 865 | 27.3 |
East Hertfordshire | East of England | 28 | 817 | 23.7 |
Basingstoke and Deane | South East | 29 | 736 | 27.6 |
West Oxfordshire | South East | 30 | 715 | 12.2 |
Tunbridge Wells | South East | 31 | 813 | 17.6 |
North Hertfordshire | East of England | 32 | 790 | 19.4 |
South Kesteven | East Midlands | 33 | 614 | 24.7 |
Kensington and Chelsea | London | 34 | 1,372 | 57.8 |
Rugby | West Midlands | 35 | 644 | 48.1 |
Woking | South East | 36 | 794 | 37.5 |
Bromley | London | 37 | 877 | 67.7 |
Ashford | South East | 38 | 624 | 26 |
East Cambridgeshire | East of England | 39 | 748 | 26.6 |
North Kesteven | East Midlands | 40 | 576 | 16.3 |
Aylesbury Vale | South East | 41 | 706 | 24.9 |
Tonbridge and Malling | South East | 42 | 691 | 22 |
Wealden | South East | 43 | 800 | 11.7 |
Maidstone | South East | 44 | 646 | 28.8 |
Mid Suffolk | East of England | 45 | 658 | 12.3 |
Wycombe | South East | 46 | 805 | 42.4 |
Orkney Islands | Scotland | 47 | 632 | 1 |
Epsom and Ewell | South East | 48 | 815 | 31.6 |
Central Bedfordshire | East of England | 49 | 692 | 33.3 |
Hambleton | Yorkshire and The Humber | 50 | 609 | 19.6 |
If you are planning to move into the area and would like some friendly advice on where to look based on your requirements, a member of our team will be delighted to assist in your property search. Call 0208 396 6717 or email info@newtonhuxley.co.uk
So what is the Molesey Carnival? If you are a long standing resident of Molesey you will know pretty much everything you need to know, but for those of you coming from out of town, we put together a few facts about the carnival and what it has done to help the local community:
The stalls on West Molesey recreation ground open at 11am with the parade starting from aroudn 1pm. The weather tomorrow is looking good so bring plenty of water and sunscreen!
For more information you can visit the carnival website here: http://www.moleseycarnival.org/