News

Sales volumes slipped badly across the UK, down by 19% last month. London was hit even harder down 26%. Average house prices stood firm, with slight rises in some areas.
The area with the most activity is still the First time Buyer (FTB) and Buy to Let (BTL). We are even experiencing London BTL investors buying property to rent in low cost areas, snapping up FTB property.
We are constantly contacted about FTB property even after they have gone “under offer”, being asked to keep the party informed in case the sale falls through. Hopefully this will eventually work its way up the ladder. At the moment the higher the price the lower the interest and many offers are well below the asking price.
The threat of modest interest rate hikes starting late this year or early next, might just be enough to get potential buyers to take the plunge now and get a fixed rate mortgage now before a rise. A positive, that might just kick start the higher end properties.
Bill Reid BEM BA NAEA DipPFS
Reid Estates 01738237337/