September 20, 2007 – 5:08 pm
Depending on who you believe the house price boom is either over, stalling or treading water.
The Royal Institution of Chartered Surveyors has predicted that house prices in London will remain flat the for the whole of next year (previously it had forecasted growth of 3%) and Right Move are talking falls of 2.5% month on month.
So what does this mean to you the house seller, or house buyer?
For the house seller it means a slower market, and a need for more realistic pricing. Many sellers are still hanging onto the boom asking prices, and finding that their viewings figures are tailing off. Realistic asking prices will still bring the buyers in – lets not forget that for some a house purchase isn’t about a money making investment– it is a place to call home.
For the buyer – you’ve now got less competition – and with any luck the days of sealed bids and frantic negotiation are over. In fact, it’s altogether so much more pleasant to go house hunting these days – and you can expect better adjusted prices.
So, yes there’s a little bit of adjustment going on. But no matter what happens lets not forget – a house is a home, and you’re in it for the long term.
Its official - selling your home privately is quicker than using an Estate Agent - so says an Alliance And Leicester survey
In a survery of 2,384 people the Alliance and Leicester found that sellers who sell privately sell their homes in an average of less than two months, compared to those who use more traditional methods (read: Estate Agents).
Stephen Leonard, director of mortgages at Alliance & Leicester, said: “Research suggests that DIY methods — such as using the Internet — to sell a home are becoming more popular.”
The Alliance and Leicester survey proves what we’ve known all along - that not only is it possible to sell your home yourself, it is far cheaper, easier - and as confirmed by this survey - faster.
Going against popular opinion the recent (and usually accurate) DCLG - Department for Communities & Local Government - figures indicate that in February there was a fall of 0.1% around the UK. Yet in another survey issued the same day from Right Move who reported a 3.6% rise in April - the highest monthly rise since April 2002.
Clearly with conflicting information, the HIPs media scaremongering and the threat of another interest rate hike this month (inflation’s up folks!) one could be forgiven for thinking that we’re heading into trickier times.
But with consumer confidence still high, and other economic factors looking favourable our feeling is that the market still has room to grow - certainly throughout spring and summer.
Nevertheless - with such a shortage of property on the market - if you’re thinking of selling - there hasn’t been a better time to sell than now.
