Latest Property News From Around The Web

First-time buyer numbers at six-year high - http://bit.ly/13Fdma4 

Home prices at three-year high - http://bit.ly/15vJHxU

The true cost of buying a home - http://bit.ly/13GMlD9 

House prices to keep on rising, say Rics members - http://bbc.in/15vJdb4

House prices up 4% – did anyone predict this rise? - http://bit.ly/17ZdKBT

'Energy saving measures boost property values' - http://bit.ly/13uSuRy 

Banks expect credit availability for households to increase - http://bit.ly/17ZgWgZ

Pick up in house price growth continued in June - http://bit.ly/13uS8um  

Please contact either Andrew Richardson, Jeremy Richardson or Richard Killoughery on 020 8643 7777 to get moving or email us at sales@christiesworld.com.

www.christiesworld.com

Proceed . . . but with caution

Nick Churton at the Christies Mayfair Office in London looks at a resurgent property market that promises a great deal but still needs handling with some care.

July 2013 - there is a new man at the helm of the Bank of England. The Chancellor’s stock has risen a little of late, the manufacturing sector is showing signs of improvement, the people’s bank, RBS, has just found £20 billion behind the sofa to lend to small businesses and the British Chambers of Commerce says that business confidence in the UK is at its highest level since 2007. We also learn that growth in the economy is marginally stronger than was suspected. Month by month we see small but encouraging steps on the path to a fiscal recovery.

But there is one harbinger which heralds an economic change unlike any other - the property market. Few signs can illustrate more how the mood is changing. In this respect we are now seeing mortgage offers on the rise, more first time buyers entering the market – some through the government's new initiatives – and more sales completions than at any time since 2006.

It has been a long time since the last boom and it has been a difficult period all round. But now there is a feeling of greater optimism with more people deciding that the time is right for a move. This is great news for everyone as this increased activity feeds through to the rest of the economy.

But we should also remember that memories tend to be short when the market strengthens and money can be made. Let’s not forget the looming threat of negative equity during a period of fragile recovery.

Interest rates are at rock bottom. But that won't last forever. When rates do increase some chickens will come home to roost. As an estate agent of course I want to encourage home ownership. But as an estate agent I never want to go through the past seven years again. Nor should anyone else. Very careful and responsible home purchase made within means and with a weather eye on the medium term should be a fundamental consideration when choosing property today.

My company advocates responsible home purchase and I hope that the rest of the industry follows suit – not just for the sake of the individual or the property market but also for the UK economy as a whole.

Please contact either Andrew Richardson, Jeremy Richardson or Richard Killoughery on 020 8643 7777 to get moving or email us at sales@christiesworld.com.

www.christiesworld.com

Christies Market Review - July 2013

Home prices higher in June, says Rightmove - click here

UK house prices rise at fastest annual pace since 2010 - click here

London house prices outpace rest of the UK like never before - click here

Supply of residential property in London unlikely to keep up with demand over next decade - click here

Number of UK homes sold in last 3 months reaches highest levels since January 2010 - click here

Help to Buy boosts new home reservations - click here

A great place to learn more about Cheam and its history - click here

The latest Christies House Price Index, uses the most up to date reliable data from the Land Registry, and also confirms that property in the local area continues to represent an outstanding investment.

Medium and long term gains are still exceptional. Based on past performance potential buyers will be very encouraged to see that prices have risen by 24% over the previous ten years and by an astonishing 154% over the previous 15 years.

What is perhaps even more impressive is that in spite of the much publicized down turn in the property market in 2008 prices are now only a mere 4% less than they were at the peak of the market.

The comparison is based on the average price of all local properties sold including flats, maisonettes, all types of houses and bungalows. Figures for June are not yet available - the Index will be revised as soon as the data is released so please check this page regularly for any updates.

Date............Average Price.........Average Price May 2013.......YEARS............INCREASE

May-98............£101,886..........................£259,077......................15.....................154%

May-03............£208,201..........................£259,077......................10.......................24%

May-08............£269,334..........................£259,077.......................5.......................-4%

Over the years, and particularly in recent times, demand for properties in Cheam and Leatherhead and the nearby areas, such as Sutton, Dorking, Ewell, Epsom, Banstead and Kingswood, has increased dramatically. Much of this demand is due to the location of the properties we sell, which are ideally situated on the fringes of London, bordering rural Surrey greenbelt countryside with picture postcard villages and market towns full of rich heritage and character.

Buyers flood into the area to take advantage of a wide range of leisure and shopping amenities. The local schools are nationally renowned and attract large numbers of enquiries, ensuring that property sale levels and prices have remained well above quoted national averages.

Cheam Village & Leatherhead have flourishing local communities with many popular cafés, restaurants and varied independent shops and businesses; this, coupled with many high street names, creates an enviable mix of retail and food outlets. Combined with excellent road and rail links, demand for property remains constant and represents an exceptional investment.

Christies have an unparalleled understanding of the area and are dedicated to ensuring customers are always informed – not just on the property market and prices, but also the area and amenities. When looking at buying a new home, we believe it is imperative that our purchasers are fully informed about all aspects of the potential move.

Your estate agent should be able to answer any of your questions regarding this. We are proud to represent this area and convey that passion to anyone looking to move here.

Please contact either Andrew Richardson, Jeremy Richardson or Richard Killoughery on 020 8643 7777 to get moving or email us at sales@christiesworld.com.

www.christiesworld.com