The usual pattern for house prices in August generally shows a “slump”. With so many people enjoying the warm weather
and holidays abroad, the market for property generally slows down.
August is usually a seasonally quieter month for property, but these year the summer season did not seem to stop people from buying property
However, this year’s figures seem to defy the normal seasonal
patterns. According to a recent report
from Hometrack, house prices rose by 0.4% last month and that is after there
was a national increase of 0.3% in July.
Of course, these figures reflect national averages and may not be the most
accurate picture of what is happening in the market in your area.
For example, in Ealing
where we have three offices covering Pitshanger,
Ealing Broadway and Northfields
the market is that much stronger.
In fact, according to Rightmove’s House Price Index, Ealing is the
second best performing borough in London with a 2.1% rise on July’s
prices. The average asking price for a
house in Ealing
according to Rightmove’s figures stood at £523,520 in August
we’ve actually been achieving an average price of
£529,465. That figure is not only
impressive because it is higher than the reported Rightmove statistic but also
because it reflects prices actually achieved rather than the price point at
which a property was being marketed.
What is behind the stronger market?
Increased demand and subdued supply means that prices that might
otherwise have been suppressed in August have been buoyed up.
And price was not the only indicator of improving market
confidence. Other indicators such as
time on market and the proportion of the asking price also confirmed that the
market has indeed rebounded.
According to Hometrack house prices grew by 1.8% over the past twelve
months – the biggest year-on-year rise for more than three years.
London and the South East are the biggest drivers of the price
surge. In other parts of the country,
prices are rising more slowly as supply and demand keep pace.
What does the market hold for the rest of 2013?
Many experts are suggesting that as long as the outlook for the economy
remains positive and mortgage rates remain unchanged, that the upward pressure
on prices will continued in the near future.
When will be the best time to put your property on the market?
It may feel too early to think about Christmas but the festive season is typically also a quieter period for property so if you want to get your property sold before the holidays you can’t afford to wait.
Generally, November and December are also seasonally quieter times when
people tend to be busy with holiday plans and may put their moving plans temporarily
on hold. If would like to move before
the Christmas period, it is best not to delay and start the first step of
getting your property on the market by calling Northfields
to arrange your
free, no obligation valuation.
Call us on 020 8740 6622
or email us at [email protected]
make sure to tell us that you’d like to be moved for Christmas. That way we’ll know to put our skates on!
Figuratively speaking, of course.