Peter Rollings, CEO of estate agent Marsh & Parsons commenting in response to the latest figures from the Land Registry
Monday, 30 January 2012
"Stagnant house prices in December and falling transactions capped a fairly dismal year for the national housing market. Economic uncertainty and fears over job losses have reined in home moves in many parts of the country, and undermined prices outside London. But there are indications to suggest that 2012 may be more encouraging for buyers. Mortgage lending has been steadily improving as lenders learn to operate in a more constrained financial environment, and for those with deposits, rates are actually cheaper than a year ago in many cases. With the stamp duty holiday set to expire in less than two months, activity should pick up in the short-term as determined first-time buyers hurry to complete."
"While London hasn’t been totally immune from the difficulties facing the wider economy, would-be buyers have a greater confidence in the direction of the market. Strong interest from international investors and domestic cash buyers, combined with a limited supply of prime property, has helped property in the capital defy the national trend of house price falls. While the underlying lack of properties coming onto the market may stop activity in the capital from rocketing up, the appetite we’ve seen from buyers in January bodes well for vendors in the coming year. For instance, when the sale of a property in Fulham fell through during the festive period, it received 20 viewings and 7 separate offers in the following ten days - before selling for £20,000 above its agreed asking price. With such competition for homes in the capital, there’s no reason why price rises will judder to a halt any time soon."
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