Another very busy month for March and the months prior, with several sales being agreed, some only after a short time on the market. This coincides with the NAEA property market research which has been reported that over the recent weeks a large number of properties were sold and broke some historical property records. First time buyers however were reduced in number by 22%! We haven’t seen any figures for buy to let buyers as yet, but we certainly have seen in our office a fall off of the number of investors buying. Supply of property however has been limited with reports suggesting the supply of property is at an all-time low.
With lower supply and steady demand this has meant sales have been good and prices have still continued to rise but at a slower rate than before. Halifax have reported that as a National average over the winter that house prices actually had a small fall, we have not seen evidence of this however in North Devon. It will be interesting to see the Halifax figures next month when they report on a full quarter.
Basically, now is a good time to market your property!
For the next few months we anticipate general growth, the economy growth forecast is positive with 2% growth forecast. The property market will tend to follow this trend. Interest rates remain an unknown, but no sign of any increase yet. Steady as she goes we think!
David Edwards MRICS MARLA