Rarely does a dinner party take place without a comment or thought about the housing market and what might or might not happen to house prices in the foreseeable future.
Therefore to be well prepared, I have set out a short overview of the housing market for the 1st quarter of 2014.
First of all to get this into perspective, last year saw significant gains for the property market. Not only did the number of property transactions increase, which was supported by more competitive mortgage products.
This then resulted in house prices increasing in the region of 8% in the Woking and surrounding areas.
So for this year so far……There has been no let up in the strong activity which is building within the market.
The demand for property is exceptionally strong; however there is an insufficient number of properties coming to the market. This has resulted in sales being achieved in record times and in some cases agreed in excess of their asking price.
On an annual basis, house prices continued to rise 9.5% to the end of March 2014.
Market commentaries are now predicting an increase in sales transactions to 1.28 million this year as well as house prices expected to grow in excess of 25% within the next 5 years.
This year I expect many buyers and sellers will therefore take advantage of the opportunities which this year will offer.
I hope you enjoy your dinner parties and will now be well prepared for any conversation about the housing market for 2014.
If you would like more information about buying or selling a property, please feel free to contact Tony Lynch of Lynch Sales & Lettings on 01483 772000 or by email at email@example.com