Local House Prices Holding Steady

30/04/2008

The Land Registry’s House Price Index for March 2008 shows that house prices in Hertfordshire and Buckinghamshire rose marginally during the month and that the annual growth rate for both counties remains above the national average at around seven per cent.

House prices in Buckinghamshire rose by 0.3 per cent in March and those in Hertfordshire increased by 0.6 per cent thus bucking the national trend which saw an average fall of 0.4 per cent, and proving the strong demand for property in these counties.

“We have had a decade of almost constant growth in house prices” says Kevin Rolfe, Managing Director of Aitchisons.  “We are now returning to what can be described as an average market, which is one some homeowners have not experienced before.”

Aitchisons advice for those seeking to sell is to be realistic about the asking price.

“Buyers know if a property is over-valued and they will not arrange a viewing but if it is sensibly priced  we would expect to arrange a sale within a reasonable period” says Kevin Rolfe.

Buyers too now have to think differently.  Financial institutions are taking far longer with mortgage offers so it is important to plan in advance and have a loan agreed in principle.  Most lenders have reduced their range of products and are expecting home buyers to put down a larger deposit than previously, now typically 10-15 per cent of the purchase price.

In conclusion, realistically priced properties will continue to sell well as demand in this region remains strong and still outstrips supply.

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