If you are considering selling your property within the next few years, is it prudent to begin the process sooner rather than later? Economists have appeared divided on the future of the London property market beyond the end of the year.
While some believe that the market can still handle some further growth into 2015, there is as growing feeling that the predicted rise in interest rates, coupled with the usual reduction on housing market activity during a general election year, may result in lower property sales prices than we are currently experiencing.
According to a recent survey of property surveyors by industry body
RICS (Royal Institute of Chartered Surveyors) prices are expected to rise 1.9% in the next year, a sharp decrease from its 7.4% forecast back in March. Last October, 100% of London-based surveyors said they’d seen house prices go up in the previous three months. In July, the net balance (those reporting an increase minus those reporting a decrease) was 10%.
It looks like supply and demand is balancing out. There had been a glut of prospective buyers, followed by sellers rushing to market, tempted by the rocketing prices. Now those same prices are off-putting to prospective buyers, many of whom are fleeing to commuter country.
Please get in touch if you would like to discuss how the current market situation might impact on the potential value of your property.
Christian Harper FNAEA, MARLA
020 3137 2802 (direct line)
christian.harper@harperfinn.co.uk
