The British Love Affair with property ownership ensures that very few days pass without a new media story about the state of the House Market.
It is therefore interesting to note how many of these reports are completely contradictory with some reporting healthy price increases and others saying values have fallen.
The reality is actually far too complicated to be summarised in a sound bite or attention grabbing headline, with different house types, price ranges and locations all performing differently.
Examples of this situation are two bedroomed terraced houses, which have struggled to hold their value and in some areas have fallen further, whereas modern four bedroomed detached estate houses have generally risen in value and sold well.
The factors behind these contrasting fortunes are readily identifiable, first time buyer mortgages are still very difficult so demand for terraced houses has been strangled whereas the lack of any new build supply of family homes in recent years means that those available are at a premium.
So, next time you see a dramatic headline about house prices, take it with a pinch of salt.
Neil Hunt BSc FRICS
Managing Director
