Press Release Summary = Properties have been selling fast giving sellers renewed confidence. Asking prices increased by 0.9%, £2,048 in just a week at the beginning of 2006, the largest weekly rise since May 2004.1.
These dramatic headlines don’t tell the whole story according to online homebuyers guide www.estatesforum.co.uk. Homebuyers should still be taking advantage of a very strong buying position.
Press Release Body = It’s unlikely such large rises will be sustainable every month. And not all increases will be realistic and in parts of the country some areas actually recorded price falls.
Estates Forum founder Chris Dobson says that Homebuyers must do their research to see through optimistic price listings.
”Buyers should be wary of overpaying. Values are harder to judge when prices are volatile and there will be owners who over react to signs of improvement. Inevitably some asking prices will be far too optimistic.” He said.
Of course it depends on the area you are in and these figures do sound a warning note. Implying an annual growth of 10% it’s more likely these rises represent much of the projected annual increase coming early.
Forecasts for annual growth from Halifax and Nationwide were similar, around 3%. Rightmove predict 4%.
Nationwide reported a strong market with prices 1.4% higher in January alone. Yet they doubt this strong pickup will persist.
In some areas there’s a shortage of homes for sale. But it’s largely in the south particularly in London. In the northwest, West Midland and East Anglia Rightmove’s report shows prices falling.
For these reasons, Chris advises buyers to research local areas - including how long properties have been listed – then negotiate hard.
\"It’s essential to know the local market. Do your research and put yourself in the strongest possible negotiating position.”
“Research will help judge if a home is fair value or if you could be overpaying. If a home is overpriced, don\'t hold back, negotiate.
It\'s always worth remembering, some sellers who quote too much may come unstuck, run short of selling time and have to take a lot less.\"
Advice on all aspects of Homebuying - including how to negotiate with Agents - can accessed on www.estatesforum.co.uk
ENDS
Notes to Editor To obtain a username & password / interview / by-lined feature on the above (or related) topic, please contact Gary Lovatt at Moorish Idol on 01204 374835 or email gary@moorishidol.co.uk
2012
