House sales hit a six-year high

Alan Williams, Fenn Wright’s Managing Partner summarises the national survey results.

Sales per surveyor climb to the highest level since February 2008
Understandably, given current market conditions, the number of agreed sales continues to rise, month on month. Interestingly however, sales activity was flat across London and the South East in March, whilst relatively firm within all other regions. This may be a reflection of the lack of homes for sale coming onto the market in these two areas in recent months.

New instructions decline for the third month running 
The imbalance between supply and demand is proving to be an enduring feature of the market and still the main catalyst behind rising house prices. Indeed, while new buyer enquiries rose at a pretty similar pace between March and February, new instructions fell marginally for the third consecutive month, increasing the gap between the growing number of potential buyers looking to buy a reducing number of properties for sale.

First-time buyers are borrowing more
The easier credit environment at present is supporting the improvement in activity levels. In particular, first-time buyers appear to be reaping the benefits with the average ‘perceived’ loan-to-value ratio currently offered in the market edging upwards to just under 86%.

Fenn Wright contributes to the RICS data and research and our experience locally tallies with their overview of the market at the moment. Our sales teams are incredibly busy in Essex and Suffolk and the supply of new properties for sale is not meeting the pent up demand that began to release over a year ago.

As much as the government may have wished for an export led recovery, it is clearly consumer led at present, based largely on a resurgent residential property market. The government has decided to continue with the Help to Buy scheme which will continue to fuel demand and of course, prices.

If you’re considering selling your home and are wondering what affect the current market conditions have had on it’s value, speak to your local Fenn Wright team. We have the market intelligence you need to know to bring you up to date with local selling prices.

Complete a free valuation request online and get in touch with your local office in Chelmsford, Witham, Stanway, Colchester, Manningtree, Ipswich or Kesgrave.