I personally see 2014 as being a slightly more positive version of 2013. There is a painful lack of supply of houses for sale right now and this ensures buyers are left fighting over what does come on. Due to this low supply it’s driving prices upwards. Prices are not at crazy levels, but many 3 and 4 bedroom houses are going for near 2007 peak money. There is huge demand from anything around the £250,000 stamp duty threshold all the way up to £650k where it then tails off slightly.
Things are slightly different for flats. The demand from buyers is there, but so is the choice. The one exception being ground floor garden flats where we are seeing huge demand in BH5, 6, 7, 8 and 23.
Mortgage rates are low and while money is cheap, people wish to take advantage of it. This also means that whilst people are enjoying such low rates, they’re able to enjoy a good lifestyle with the money they’re saving. Or driving that mortgage balance down. Why move when life is fairly comfortable?
As the year progresses, I see more people looking to take advantage of the higher prices and get their property on the market. Timing really is everything. Get on the market before supply balances with demand and you will likely get a premium.
Simon Ward
Owner
Mr Green
