Housing market sees upward trend
Following a recent survey by property website Rightmove, it seems that the property market is well on the road to recovery. Reports that sales are on the up and prices rising are backed by the experience of Twyford-based house builder, Millgate Homes.
The shift is particularly evident in the market for smaller properties, with many lower priced homes selling within weeks. David Simpson, Director and General Manager at Millgate explains:
“We have certainly seen evidence of this change in the market – 2005 began quite slowly, but activity rose throughout the year, with one site having completely sold since its launch in December 2005. As per the national trend, these are 2 bedroom apartments that have attracted a diverse range of buyers, including first-time buyers, professionals and down-sizers.
“Our higher value properties are also selling well – we have seen trend-bucking results across all of our developments.”
Situated on Finchampstead Road in Wokingham, Braybrook, a collection of just eight 2 bedroom apartments sold out within eight weeks. Newell Green Farm, a small development in the semi-rural parish of Newell Green near Warfield, Bracknell has just one two-bedroom cottage style home and one 2 bedroom apartment left, with a total of fifteen plots selling since mid November.
Original Article:
Average house 'costs over £200,000'
Monday February 20, 05:07 AM
The Press Association
The average cost of a house has risen above £200,000 for the first time, a survey shows.
A shortage of sellers and increased demand from buyers pushed the average property asking price up from £196,319 in January to £201,600 this month, according to property website Rightmove.
The 2.7% monthly increase was the biggest in nearly two years and sent prices to a record high as the housing market continued its recovery.
Rightmove commercial director Miles Shipside said: "The market has picked up quickly this year. As a result, properties are selling more quickly and stock levels are declining. "House prices have stormed through the £200,000 barrier to record levels several months earlier than the market anticipated."
The survey also showed that every region of England and Wales saw house prices rise in February for the first time in 20 months.
The biggest increases came in the West Midlands and East Midlands, where prices rose 6.2% and 4.6% respectively. The slowest was Wales where the 1.1% rise contrasted with the 7.5% rise year-on-year which made it the strongest performing region over the 12-month period.
The most expensive houses were in Greater London, where the average asking price was £295,685 compared with £146,376 in the North, which was the least expensive region.
Rightmove said houses were "flying off the shelves" with the time spent on the market falling from 94 days to 81 days.
Mr Shipside said: "Buyers are back, particularly at the lower end of the market. We believe this will lead to further sales as successful sellers move up the property ladder. However, sellers must not get too ambitious or the recovery could run out of steam as affordability is over-stretched again."
The survey measured the asking price of 70% of the UK market or almost 155,000 houses put up for sale between January 8 and February 12.
ENDS
For further information please contact
Lorraine Morrissey or Charlotte Rhodes at Mitton Marketing Solutions
tel: 01889 584 808 e-mail: lorraine@mitton.co.uk or charlotte@mitton.co.uk
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