House prices 'bouncing back' in Notts
HOUSE prices in Nottingham and Nottinghamshire have ‘bounced back’ in January according to leading local estate agents FHP Living, who have sold nearly 90 per cent of the homes they have bought to market this month.
Associate director at FHP Living Ian Marriott said that he was pleased to see house prices gradually increasing again and highlighted it as a positive sign that the market was stabilising further, thanks to the decline in mortgage rates and the reform of stamp duty late last year.
He said: “Of all the houses that we have brought to market in January, we have sold 86 per cent of them and of the sales we achieved in 2015, we have achieved 98 per cent of the asking price.
“We are certainly seeing house prices creep up again in Nottingham and the county. The rise may seem unexpected, but we point to two key factors – namely the changes to stamp duty which came into place in December and the decreased mortgage rates which lenders are now offering.
“The gradual rise in prices will benefit the market considerably, as it will mean home owners feel more confident putting their property on the market, safe in the knowledge that it will receive a healthy valuation and sale.
“At FHP Living we are dealing with a constantly increasing number of clients, particularly in West Bridgford and Mapperley Park, both looking for property and to sell their property through us.
“We are urging people who are considering to sell their house to put it on the market straight away and not wait until spring. There is a real demand for all sectors of the market at the moment and the limited housing stock is fuelling price increases.”
According to research carried out by the Halifax, there has been a quarterly rise of 1.9 per cent in house prices across the UK. The comparison was with prices in the three months to the end of January with the previous quarter.
Halifax has reported that prices in January alone increased by 2 per cent, compared with December – the largest January rise for six years. The research also reported that the average UK house price was now £193,130.