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House Prices Increase for the First Time in 2 Years - RJA Properties: Lettings Agent Manchester
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20 May 2010

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Home information packs (Hips) will be consigned to history, the Government has announced.
17 Mar 2010

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Estate agents should be subject to the same levels of regulation as letting agents, it has been been stated.
22 Jan 2010

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Thousands of Britons with holiday and retirement homes in northern Cyprus face eviction after the Court of Appeal upheld a decision that a British couple must surrender disputed land.

House Prices Increase for the First Time in 2 Years


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HOUSE prices rose for the first time in two years this summer, according to the latest in a series of positive reports on Britain’s recovering property market.


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An increase of 0.1 per cent in August was the first monthly increase in values since July 2007 and follows three consecutive months of no change.

The annual rate of price falls has also slowed – from 8.7 per cent in June to 6.7 per cent now.

A huge shortfall in the number of houses for sale is driving up prices as demand outstrips supply, according to housing analysts Hometrack.

But sellers and estate agents were warned against over-pricing yesterday. Richard Donnell, director of research said: “These headline res-ults provide further support to talk of the ‘green shoots’ of recovery.

“They suggest that after seven consecutive months of rising demand, agents and surveyors now believe that prices can be pushed upwards without any detrimental impact on sales volumes.

“But dig beneath the headlines and the reality is quite different. The figures are being skewed by price rises that are restricted to relatively small pockets of the market suffering from a lack of housing for sale – primarily in London and the South east.”

The latest Hometrack survey, which is based on 6,218 responses from property professionals, found there was a 1.4 per cent rise in would-be buyers registering with estate agents across England and Wales this month but only a 0.8 per cent lift in the homes on their books.

Over the last four months the London housing market has seen a 2.6 per cent fall in the number of homes for sale compared to a 34 per cent increase in demand.

In the South-east there has been an even larger five per cent drop in supply over the same period.

However there are new sellers in the market, says the Association of Residential Lettings Agents.

Those “reluctant landlords” who rented out their homes because they could not be sold at the height of the slump are now putting the properties up for sale.

ARLA research shows that 80 per cent of its members’ offices have seen property being rented out rather than sold – down from 95 per cent in November 2008.

Daily Express

 
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