Asking prices throughout the
Five of the six regions recorded price falls with only the South West registering a month-on-month rise. Year-on-year, the South West (-9.61%) and the South East (-5.84%) remain the weakest regional markets.
Prices over the month rose in three of
Andrew Smith, Primelocation.com’s head of research, commented: "While there is no absolute correlation between price trends and stock levels, it is worth noting that the recent stabilisation evident in the prime market is closely related to patterns of supply.
"In London, for example, the North West recorded the largest rise in prices (1.48%) and the largest dip in supply levels (-1.62%), while prices fell furthest in Islington, City & Docklands (-1.27%) at a time when supply in this sub-region rose faster than anywhere else in the Capital (0.66%).”
Prices are also related to demand and market sentiment. Smith commented: “Our figures show that visitors to Primelocation.com are up 32% year-on-year and our research indicates that one in five Primelocation.com users now believe that prices have already reached their lowest point, hence we are now seeing genuine buyers returning to take advantage of the lower prices.
"This trend has been confirmed by our member agents, several of whom have reported intense competition in prime
Smith also said there have been reports of gazumping and sealed bids, “as lower prices, the weak pound and rising yields attract buyers and investors back into the market. One agent (Cluttons) has even suggested that sellers now have the upper hand in some prime areas of central
"Going forward, whilst the general economic situation remains tough, we expect that additional activity in the Prime market will be stimulated as landlords return their prime rental properties to the sales market in expectation of interest from cash-rich investors and genuine buyers with finance in place."
Primelocation.com’s property index is based on its database of over 650,000 advertised properties.
Date: 17th, June, 2009
ADVICE TO READERS
While this website is checked for accuracy, we are not liable for any incorrect information included. We recommend that you make enquiries based on your own circumstances and, if necessary, take professional advice before entering into transactions.
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