Peter Rollings commenting in response to figures released by Assetz'House Price Watch
Monday, 24 January 2011
"The early growth in house prices petered out in many parts of the country during the second half of last year, and the UK’s average house price only increased marginally over the course of 2010. The ongoing mortgage drought has taken its toll on the housing market in many areas of the UK keeping thousands of first-time buyers off the property ladder. There are welcome signs that some mortgage products are entering the market for first-timers. If this progress is maintained then we should see a stable – if constrained – national housing market in 2011. But there are already bright spots across the country as some markets continue to outperform the national trend. In London, house prices rose by nearly 7% in the last year – and are still increasing. Demand from international and domestic cash-rich investors continues to drive up demand in areas like Kensington & Chelsea and Notting Hill, and we expect a further increase of 5% in central London in 2011. And with the stamp duty on properties worth more than £1 million due to increase in April, we anticipate a surge in sales over the next three months as prime buyers look to push purchases through in the next three months to save themselves an additional 1%."
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