While I am by no means an economist, I do take great pleasure in following the market and reading up on exactly what is going on within the property market, the current trends and the forecast ahead.
I like my clients to have a clear understanding of the market and like to be able to give advice or at least answer any questions they have, sure in the knowledge that I have been well informed.
I’m sure all agents are asked the same questions: “Are house prices going up?” or “What do you think is going to happen next year?”.
I can honestly say that house prices have not increased and although there is continued growing confidence in the market, I can’t personally see that prices are going to increase dramatically.
It only takes a moment to view the Land Registry information online and see for yourself the trends and where we are to date for the year. I’m afraid to say that in Leicestershire house prices have actually fallen, only by a meagre 0.4 per cent but still a drop none the less.
Please don’t get me wrong, I’m not a pessimist – far from it.
I believe, along with many others, that the inflated house prices some people are witnessing have been due to a lack of supply rather than increased customer demand. The past couple of months have been fantastic in terms of levels of business, right across the spectrum of prices.
This will inevitably tail off towards the end of the year but in my opinion prices will loosely remain the same.
A property is only worth what someone is prepared to pay and as there seems to be less choice across the market place, buyers may be more inclined to pay the asking price rather than offering low so as not to lose out on their dream home or investment property.
I am eager to see what is going to happen as we approach 2014 and the continuation of the Government’s Help-to-Buy scheme is widened to include second-hand homes, as well as new properties.
Will we see inflated prices then as people think that there is likely to be more demand for properties?
One thing is clear and will remain the same – the housing market in Harborough continues to be a thriving one.
If you are interested in understanding the market conditions or have been advised contrary to my thoughts, take a look at the Land Registry website.
There is lots of information on there that you may find helpful – both as a buyer and seller.
Market Thoughts column by Kameron Hutchinson. Kameron is the branch manager of Harrison Murray in Market Harborough
For more details, see the company’s website at www.harrisonmurray.co.uk.