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No seasonal summer “slump” in house prices this August

6 Sep 2013
No seasonal summer “slump” in house prices this August
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 2013. At Northfields 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?

Sell your property before Christmas with Northfields
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] and 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.

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