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Buyers return to the market
Property prices have once again risen, making it the fourth month in a row. The rate they are rising is the fastest over the past 2 and a half years and the figures released by Nationwide show that the year on year decline in property prices has slowed to 2.7 per cent from a high of 6.2 per cent.
All time low interest rates and a real shortage of homes on the market has boosted the demand for properties, the government’s quantitative easing has also fuelled the recent boom in the market.
Figures from estate agents show that the average house price has risen across the UK and London vendors are taking offers within 2 per cent of the asking price, last year 30 per cent discounts were being offered. The estate agents Hamptons said that figures across the UK showed that sale prices in the second quarter had risen 4.2 per cent on the previous one. Applications in some areas were up 75 per cent with one in four viewings ending in an offer. The Co op Bank said it also reported encouraging figures with a third of sellers unwilling to drop their asking price. The average property is only slightly lower than it was last year at £160,224.
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