20 things

20 things you should know about…

14 April 2007

• Research from haart estate agents revealed that London house prices rose by 1 per cent in March.
• House prices in the capital rose to £262,989, up from £260,375 in February, the haart study indicated.
• haart also revealed that the number of first-time buyers (FTBs) stepping onto the property ladder continued to fall, with FTB levels falling to 25 per cent in March.
• This represented the highest FTB level for a year, the study revealed.
• Commenting on the continued decline of FTBs to the market, Paul Smith, chief executive at haart, said: “The confidence of FTBs remains dented as they continue to be priced out of the market with prices rising for the eighth consecutive month. This group needs a period of stability to reinstate their confidence.”
• haart, in its study of the London housing market, revealed that sales increased by 14 per cent, compared to the March 2006 findings.
• The study indicated that the increase in house prices in the capital could be attributed to a continued shortage of housing stock.
• haart revealed there was a particular shortage of family properties in London, with demand continuing to outstrip supply.
• Regionally, haart indicated that West London recorded the highest house price growth in the capital during March, with property prices increasing by an average of 1.95 per cent during the month.
• Prices reached an average of £285,404 in the West, during March, the study revealed, with prices in the North West of London increasing by 1.11 per cent to £239,000.
• House prices in the South East of London rose to £235,332 in March, haart revealed.
• This represented a growth of 1.30 per cent during the month.
• Property prices in the North of London recorded the lowest house price growth during March, increasing by 0.30 per cent.
• In the East of London, average house prices reached £256,335 – an increase in 0.63 per cent from the February findings.
• The South East recorded the lowest average price, at £235,332, while at the other end of the scale the West recorded the highest average house price, at £288,187.
• Commenting on the growth in average house prices in the capital, Smith admitted the overall London market was buoyant. He said: “The London housing market has had a strong start to the year, with prices showing no signs of slowing down, despite the recent succession of Bank of England Base Rate rises. Shortage of housing stock continues to be a driving factor, with family homes particularly in demand.”
• Smith added: “However, March saw the start of the predicted supply and demand ratio rebalance as sellers begun to realise the benefits of putting their property on the market before 1 June to avoid the added cost of the compulsory Home Information Packs.
• “The Easter Bank Holiday will boost activity further as we prepare for the highest level of property viewings booked for a weekend so far this year.”
• The information used in the study of property prices in London is based on data obtained from haart estate agent branches across London.
• The data used to compile the haart London House Price Index is gathered on a daily basis.