The continued media coverage of House Price Rises in recent months highlights the danger of using generalised national data, because it does not reflect the reality of the local market.
Despite an undoubted shortage of properties for sale, there is no evidence that this is being reflected in increased prices, with buyers being prepared to wait for a property that meets their budget rather than over commit.
Similarly, Bank and Building Society Mortgage Surveyors are being extremely cautious in their valuations for lending.
The restraining factors on demand such as large deposits, limited mortgage availability and fears over unemployment are still very much in evidence and look like continuing into next year. The reduction of the Stamp Duty threshold back to £125,000 will not help either.
The keys to achieving a successful sale are still price and presentation,so those who are seeking premature recovery of lost value are likely to be faced with a long and frustrating wait. Conversely, those who are well advised and realistic can achieve a sale and,if they are looking to buy as well, put themselves in an excellent position.
Neil Hunt BSc FRICS
Wilkins Vardy
Member of the RICS Housing Market Survey Panel
