London House Prices Up For February
If you are thinking of selling a property but have been hesitant then we have good news for you. Despite all of the negative talk, house prices have risen by 5.9% across the UK in February. This pushes the annual rate of price growth up to 2.8%. It may not be as high as other years but given the uncertainty that the market is currently experiencing it is truly contradicting what speculators had been predicting. There is still a lot of faith in the UK property market and this small leap has definitely given it back some bounce.
Lending in the Property Market
Halifax have asked that we remain calm and don’t place a huge amount of emphasis on the statistics. They have claimed that as January was weak the February rise was simply the market correcting itself. They are giving us some positive feedback however. The managing director of the lending giant Russel Galley has said that ”The overall resilience of the market is still evident.”
Supply and demand
There has been some supply and demand issues which is bound to push the prices up a little. When there are limited properties coming up for sale there are bound to be more people interested. At the end of the day people still need to move. First-timers still want or need somewhere to live. Families need to upsize.
Brian Murphy, head of lending at Mortgage Advice Bureau put the spike in prices down to ”the pent-up demand of those who wanted to move but had delayed their plans until more clarity around Brexit was available.” Those waiting for clarity could be waiting a while yet and in the absence of solid knowledge people still need homes. With that in mind it could certainly be a great time to put your property on the market.
Thinking of Selling Property in SW8?
If you think this is the right time for you to sell, or you have any questions to ask in relation to property in the Nine Elms or surrounding area then please give our team of experts a call. We would love to help you to make the right next move.