The August figures for Strutt & Parker show evidence of an exceptionally buoyant market throughout the month and the partnership confirms some positive statistics moving forward into autumn. The number of sales across the firm has risen by a staggering 36% from May to September 2009 compared to the same period in 2008.
Mark Rimell, head of estate agency at Strutt & Parker’s St Albans office comments, “The UK housing market has been surprisingly robust in recent months and this summer has been remarkably busy. August is historically a quiet time of year for the property market but the recent uplift in interest from potential buyers and evidence of offers at or above the asking price is a sure sign that buoyancy is returning.”
House price rises accelerated for the sixth consecutive month in September, hitting the fastest pace since October 2002. Price rises are being driven by
a combination of new buyers entering the market and properties selling more quickly despite stock levels being down. Strongest price rises are still in southern England but a modest uplift is now also apparent in Northern England and the West Midlands.
The amount of new applicants recorded by Strutt & Parker in August 2009 is up eightfold from August 2009 and viewings are up by 9.9%. Firm economic growth combined with a strengthening employment picture is supporting buyer confidence.
Rimell continues, “So, with this in mind, is now a good time for buyers to make their move. Current market conditions give buyers more negotiating power but as the market gathers pace and buyers catch on we are already finding ourselves in a situation of bidding wars and may – unfortunately – find gazumping rearing its ugly head.”