Shortage of Properties ‘Will Underpin House Prices’

So, the first quarter of 2018 is out of the way and I’m pleased to report our sales volumes are up.  Our no nonsense, honest hard graft and team work ethic again continues to pay off, and our clients are getting their just rewards.  Additionally, it’s still too early to see any impact for first-time buyers from the abolition of stamp duty on purchases of up to £300,000, which was announced in the November Budget.

Despite the recent rise in the Bank of England Base Rate, mortgage rates are still very low. This, combined with an ongoing acute shortage of properties for sale, will continue to underpin house prices over the coming months.  At the sharp end of our  market, I’ve noticed we have better-than-expected viewings to sales ratio’s and I have seen this rising interest translating into confirmed sales and will be for the next few months at least.

Our prospective purchasers seem to be taking confidence from recent encouraging news about the economy, continuing low interest rates and from our team readily to advise on our local market and instilling the confidence at the right time allowing them to make the informed offers with confidence.

Once again, the market is showing considerable resilience and little sign of a larger correction. Nevertheless, all sellers still must be realistic and particularly recognise the importance of setting sensible asking prices if they are to generate offers.

There are micro property markets seeing some price growth because houses are affordable and job prospects are good. Thriving regional business hubs are attracting skilled workers, many from London, because among other things, homeownership is a real reality.