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July Market Report

‘July she will fly’ wrote Paul Simon, but I think we all dream of basking in the ‘lazy hazy crazy days of Summer’, and why not? This month we’ve seen temperatures in the high 80’s (or should that be high 20’s?), and hopefully there’s more sunshine to come!

The property market however, never rests! Since the election in May we have agreed sales on nearly 300 properties with a combined value of nearly £90 million! We have also registered nearly 10,000 new buyers since the beginning of the year, spread across the whole range of property prices.

What are prices doing? The media would have us believe that they are falling, but the reality is that the rate of increase has slowed. 12 months ago nationally, prices were rising according to Land Registry at an annual rate of 6.7%. At the moment, the annual rate of increase is 4.6%, so they are still rising according to my sums! House prices in Warwickshire are in fact currently rising by 5.4%. Even so, the average price in London at £476,000 is nearly 2 ½ times that in Warwickshire, and nearly 4 times that in the West Midlands!

In the last three months we have also achieved an average selling price to asking price of 97%, which is a credit to our valuers in a market which is constantly changing.

What does the future hold? The latest growth figures have been revised upwards, partly due to the increase in activity in the construction industry, and we are pleased to act for a number of developers in our region. The number of new homes being built proves that the economy is back on its feet and confidence has returned. There is however the first hint of the inevitable rise in interest rates, so perhaps a good time to buy and take advantage of the record low mortgage rates!

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