Demand soars in capital - now is a great time to sell your property
- 8th September 2015
- Selling Property News
Property prices in August increase by 10% in a year as number of potential buyers increase
Capital property prices saw a year-on-year rise of 10% in August 2015 with demand for new houses booming. House price rises continue to accelerate as demand grows, especially in and around London.
Demand for new property has spiked amid a shortage of homes for sale. The number of new buyer inquiries to the Royal Institution of Chartered Surveyors increased for the fourth month in a row in July. In contrast, the number of houses on the market fell to a record low in the same month.
With this gap between demand and supply, property prices are being pushed up, meaning potential sellers are able to get the best price for their property. This trend is expected to continue.
While the statistics show strong rises in property prices, this is not a uniform picture. Each area has its own market that is dependent on the local conditions, highlighting the importance of dealing with an estate agent with a strong knowledge of the local area.
Stephen Ludlow, Chairman at ludlowthompson, explains: “With demand for new property rising, sellers want to find the right balance between what the property is worth and what buyers will pay.
“Local estate agents will have a strong knowledge of the local market and the best way to market the property. With areas seeing high demand, sellers want to use that knowledge to their advantage and sell their house for the price they want.”
Homeowners considering selling their property can contact their local office for a free valuation.
With areas seeing high demand, sellers want to use that knowledge to their advantage and sell their house for the price they want
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