Friday 10 January 2014

Christies House Price Index - the market continues to steadily improve

Help to Buy set to help many more to move -
London fulfils international investor dreams -
House prices could rise 8% next year, says Halifax -

House price boom continues -

Rents rise twice as fast as wages -

Rent arrears revealed as UK's fastest growing debt problem -

Huge rise in lending to first-time buyers -

Buy-to-let lending to increase 25% in 2014 -

Top ten tips for DIY investing -

Christies House Price Index

 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 29% over the previous ten years and by an astonishing 151% 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 11% higher than they were five years ago.

The comparison is based on the average price of all local properties sold including flats, maisonettes, all types of houses and bungalows. Figures for December onwards 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 Nov 2013.......YEARS............INCREASE 
Nov-98..............£105,886..........................£265,623.........................15.....................151%
Nov-03..............£206,221..........................£265,623.........................10.......................29%
Nov-08..............£239,399..........................£265,623..........................5.........................11%

Over the years, and particularly in recent times, demand for properties in Cheam, Sutton, Carshalton, Worcester Park, Ewell, Epsom, Banstead, Kingswood, Leatherhead and surrounding towns and villages 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, Sutton, Carshalton, Worcester Park, Ewell, Epsom, Banstead, Kingswood and Leatherhead all enjoy 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 us on 020 8643 7777 or email at sales@christiesworld.com
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Buy or Sigh

Nick Churton of our London Mayfair Office takes a look at what property buyers can expect in 2014 and offers some timely words of advice.

2014 looks like it might be a year for the seller. In many parts of the country property stocks are already dwindling and there are pockets with practically nothing available at all. Demand has outstripped supply to such a marked degree that prices are rising. Estate agents often get the blame for pushing up prices. But it is buyers who set the pace.

Whichever way you cut it a property is still only worth what someone is prepared to pay for it.

So here are just a few things to take into account if you are keen to move home this year.
By all means keep your eye on the big property portals like Rightmove and Zoopla. But by the time a new property hits those sites it could well be too late – there may be several people ahead of you in the queue. That is because they know what is coming on to the market before it actually does. So it is essential for you to get to know the estate agents in the area and ensure that you stay in regular contact with them. In this market it will be the squeaky wheel that gets oiled. Making yourself known and heard is the best way to keep ahead in the buying game. Make your estate agent your friend not your foe.

Within reason, in a rising market, dare to buy at a future value rather than the present one. Offer what you think the property will be worth by the time you complete several months down the line. By the time you do move the value of the house may have risen by about one per cent. This means you can sometimes afford to outbid more timid buyers. So don’t be mean with your offer – you could lose a really good property.

Make sure you are in a good position to buy. If you have a property to sell then sell it. At least have it under offer. If you were deciding between one buyer with a house to sell or another who had already sold which would you choose?

Be very careful of gazumping. Outbidding on a property where a deal has already been agreed may seem clever. But it very often leads to misery. First, the original buyer may top your offer. Second, if the owner is prepared to go back on the original deal to take a better offer he could well do the same again with you. Gazumping is not illegal but many would agree it is far from moral. Take it from someone who knows - avoid gazumping like the plague.

Don’t be too gleeful at the amount you get for your property – the price you pay for the next one you buy could wipe the smile off your face! In other words what you win on the swings you lose on the roundabouts.

This year we will see many more initial asking price offers. Yet some buyers, still believing that they can wait or make silly low offers, will be left behind. So do the best thing that you can do, enlist the help of an estate agent who experienced the market the last time this happened – and preferably the time before that.

But all this still doesn’t mean that sellers can slap on any old price for their properties and expect a stampede. Buyers may be keen but they are certainly not desperate and definitely not stupid.

Happy New Year and happy house hunting.
Please contact us on 020 8643 7777 or email at sales@christiesworld.com
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