Property Boom

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Nearly a quarter of our young are claiming benefits (16-24 year olds), unemployment has now risen to over 2.63 Million (according to BBC 16th May 2012), the average household income has fallen, the banks are stabilising after almost fully collapsing, and the market is now experiencing a property boom.

Have you recently seen a property you like on Finadaproperty? The chances are it is already under offer. Finally found a property you like and are thinking of putting in a cheeky offer between 5-10% below asking price? Almost impossible – buyers are now offering the asking price or even more. Are you unable to view the property of your dreams until this Saturday? Then rearranging might prove difficult, more than likely it will be sold by Monday.

Of course this madness is not continuous throughout the UK. Outside of our great London City, looking further into suburbs with our current climate of job losses, government cuts it can still take months to sell the most amazing property, and if you purchased during the last property boom (2004-2007) it is rather unlikely you will recoup the purchase price. But London has detached itself from the world; imagine London as a double fronted detached mansion standing alone, down the road from the average row of mid terraced properties, there is no comparison.

At Nelsons we first noticed a boom was on its way back in December. After only 2 days on the market we received 6 offers for a property which ended up selling for over the marketed price, we assumed this was a rare occurrence, to our surprise it was not.  One week later another property which was put on the market received such high interest that we had to hold an open day of viewings in order to cope with demand.  The property sold on the 1st day of viewings for the asking price.  Both sales have now completed and the sales market is continuing at the same pace.

Don’t want to take my word on it? Then here is some data to back me up. The Council of Mortgage Lenders has confirmed that lending in January was 10% higher than in 2011 and low-deposit mortgages are becoming more readily available. Halifax confirms prices increased in the capital by 2.6% compared to last year where everywhere else in the UK saw a decrease in the average asking price.

I conclude, if you are looking property to buy or property to sell, then there is no time like the present. Happy hunting!!!