Overall house prices continue to increase strongly across the majority of the UK, with prices in London again showing the highest growth.

Indeed, house price increases in England were driven by an annual increase in London of 15.3% and to a lesser extent increases in the East at 11.9% and the South East at 10.8%.

Excluding London and the South East, UK house prices increased by 7.1% in the 12 months to November 2014.

On a seasonally adjusted basis, average house prices increased by 0.2% between October and November 2014.

The index also reveals that in November 2014, prices paid by first time buyers were 11% higher on average than in November 2013. For owner occupiers (existing owners), prices increased by 9.5% for the same period.

Peter Rollings, chief executive officer of Marsh & Parsons, said that with property price growth slowing it mustnot be forgotten that the market has seen a double-digit rise in home values over the past 12 months and this an impressive leap.

‘After the exertions of the summer months, this is simply a period of natural re-calibration, restoring a more sustainable pace of price inflation. Growth is still ticking along in the right direction, with a steadier 0.2% climb in the month to November,’ he explained.

‘The first half of the year is typically the most energetic for the property market, and we’re already seeing reinvigorated demand in the new year, as more people turn their sights to getting their foot on the property ladder or moving home. Conditions are ripe for buying, with a rise in supply of property for sale, a relaxation in bank lending criteria and historically low mortgage rates ensuring less fraught competition for homes,’ he added.

Locally a Rugby Estate Agency Cadman Homes report strong demand from buyers and a lack of properties to sell, especially in the popular areas of the town such as Hillmorton, Cawston and the wider CV22 5 and 6 postcode areas. They have seen an increase in buyer registrations that is is higher than new instructions which creates a great oppurtunity for vendors to sell their property for a strong price.

“We’re finding that we are blocking 10’s of viewings on any new instruction within days and having to cancel the remaining ones as the properties are snapped up, sometimes exceeding the asking price” said Valerie Cadman-Jones, founder of the family owned and run estate agents who have offices in Castle Street, Rugby.

“Adam (McHenry) and the sales team are offering lots of incentives for vendors at this point of the year, as a reward for instructing us, we are a local firm and we appreciate all the referrals we get from our previosu clients and new business from vendors, but there is room to take on more stock, especially between £100,000 and £150,000 and £250,000 – £350,000 where demand for property seems to be highest for us”.

So call 01788 560 905 or pop into the Castle Street office to talk through your requirements for selling in the next few months.

Source: Property Wire

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