The markets on the up, at least that’s the view from the bank of England. Transactions are increasing, prices are rising in many parts, lending is on the up and consumer confidence is at a new high. As the governor himself put it, “The glass is half full”. And, with the full impact of Help To Buy still to come, the outlook appears bright.
More locally, the last 4 months have felt as if the market is really starting to pick up momentum as more and more buyers are registering mainly to buy their first home! Surprisingly though, we have not yet sold one house to a buyer using the Help To Buy scheme for the second hand market! Prices have really been driven up in the last quarter of 2013, due to a real lack of supply and a huge increase in demand. The best example of this is a 3 bedroom house that we had a sale agreed on in June for £185,000.
Sadly in October the sale fell through as the vendor had not found a property as they had been priced out of the market. We agreed with the vendor to re-market the property for £199,950 we had multiple offers and sold it within 3 days of it returning to the market for £198,500 so a 7.3% increase in just over 3 months!
According to Rightmove for Avon in quarter 3 2013 compared to Q3 in 2012 prices are up 5% but supply is down by 7%. In short, if you are thinking of selling, the start of 2014 is going to be excellent for you. Prices are still rising, there is a real lack of choice for buyers, we are sure that you will be in for a lovely surprise as to what your home is worth!