Housing Market Showing Upward Trend
Average house prices in England and Wales were 2.1% higher in December 2013-February 2014 than in the preceding three months and houses prices in the three months to February were 7.9% higher than in the same three months in 2013, according to the Halifax House Price Index, February 2014.
“Property Wire* reports asking prices in the East Midlands reached the highest level for five years in November 2013 but the number of homeowners providing instructions to put their property up for sale has not yet started to move in line with the market,” says Andre Funnell, residential manager, Wells McFarlane.
“With the summer period fast approaching and demand from aspiring home buyers increasing, we are encouraging clients to put properties on the market now. Timing is always key when selling and there are many things to consider, including school term times, holidays and timescale required to exchange contracts and move. We are advising all clients that now is the perfect time to instruct an agent.”
Based on Lutterworth High Street, Wells McFarlane manages sales of bespoke, rural country and village properties across South and East Leicestershire and the company has seen a dramatic change in the local market over the last six months.
Andre says: “There is now a real imbalance of demand outstripping supply and although rising house prices is a positive sign of improvement, we need to address the issue and bring a better balance of supply.”
“With the wider economy showing signs of improvement, lenders relaxing their constraints on borrowing and the Government’s Help to Buy scheme making it easier to afford country and village properties, activity hasn’t been this high since 2007,” he added.
Wells McFarlane Residential was launched in Spring 2012 and has acted on sales of farms, two-bed town houses to eight-bed manor houses. With buyers waiting and actively searching across South and East Leicestershire, why not contact Andre and the team for a free, no obligation review of your property on 01455 553888.
*Property Wire, February 2014
Image: Andre Funnell, residential manager, Wells McFarlane.