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Press Release - Market Recovery - September 2013

“In the last fortnight we have agreed sales, from our ten branches, on over £25m worth of property.  This is our highest figure for 5 years.” 

According to the Office for National Statistics house prices in England have reached a record high.

The index for England alone is now 0.9% higher than it was at the previous peak in January 2008.

The ONS figures are calculated on mortgage completions, as produced in the Council of Mortgage Lenders’ regulated mortgage survey.  

Prices in London rose by 9.7% according to the ONS however, the capital is the only area of the United Kingdom where prices are rising faster than inflation.  Here in the West Midlands the rise in prices is currently put at 0.2% which is below the annual inflation figure.

With the Government’s support from its Help to Buy scheme and the availability of cheaper mortgages have brought about a steady improvement in the housing market.  Some forecasters suggest that increases in prices could top 5% this year owing to increased demand from first-time buyers at a time when the number of homes for sale remains low. 

According to the Royal Institution of Chartered Surveyors, rising prices are spreading across the country.  Its recent report says that more surveyors saw house prices rise in July than any month since November 2006.  Land Registry figures show an average UK price of £242,415. 

Andrew Grant, the largest independent estate agency in the area, confirms they are seeing strong signs of an improving market.  “In the last fortnight we have agreed sales, from our ten branches, on over £25m worth of property.  This is our highest figure for 5 years.  One property, valued at over £2m, was sold after just 3 weeks of being on the market and on another home we accepted an offer at 25% over the asking price”

Mr. Grant added “We are seeing levels of activity that we haven’t seen for some years.  Our main concern will be ensuring we have the stock levels to supply this increasing demand.  I believe this upward trend is likely to continue for some time.” 

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