Hunters Director Martin Robinson shares his thoughts on how the market in fairing and how it looks for the future:
"The property market is fast becoming the number one conversational topic of the nation, or maybe a close second to the Great British Bake Off? It is certainly a favourite amongst the media, often with conflicting views depending on who they have spoken to. I believe that if you want the true facts then speak to the people at the coal face, those who are dealing with the market day in, day out. The great advantage we have at Hunters is that we can get a national view from all four corners of the nation.
The news is still very positive. We have seen a seasonal slowing, that is the norm for July/August as the country enjoys the summer sun, and although it is true to say that property prices are not going up quite as they did in the first two quarters of the year, they remain 8/9% above where they were a year ago across the market.
Before you start applying this price rise to your own property, the rise in price depends on two big factors, firstly where you live. If it is London then you might have seen growth as high as 20%, outside the M25 then it is likely that this is around 5/6%.
Secondly size does matter, the smaller properties, apartments, town/terrace houses, semi-detached and smaller detached have increased by circa 10% as these have been snapped up by investors.
Second time buyers are now able to get the finance to get a larger house along with first time buyers who are being assisted by the help to buy scheme and more favourable mortgage deals.
For all you house owners out there the news is positive! Demand is still outweighing supply, finance is available and interest rates remain low. You also get the feeling that Mark Carney the Governor of the Bank of England monetary committee has a firm hold on the economic tiller, ensuring the market does not over heat and the boom and bust days are firmly behind us."
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