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Traditionally, when the dust has settled after the summer holidays the appetite to buy and sell returns with a renewed kick. The Autumn market is usually exciting and vibrant with the promise of a completion before the Christmas period. So, what’s happening?
Land Registry figures (released September 26th) show that there is still an increase in the number of sales compared with 2013. In January, this was a massive 52% increase in comparison and has been whittled down to an 11% increase year on year as at June this year. After the generally more positive year that we have had to date, I would expect this rate of increase to remain if not increase slightly over the next month. On a similarly positive note, the South Durham and North Yorkshire postcodes are showing a 4.6% increase in values for 2014.
Generally, within the local market, albeit with a couple of exceptions, the market has shown more positivity than at any other time over the last 5 years. There may be some factors that identify the current state of apathy:
Despite some reticence in what is really a mixed bag of a market, demand for property is still significantly higher than it has been. I am still optimistic that fresh stock coming to the market over the next month will attract renewed applicant interest in the run up to the year end. We are still hoping that, in the more rural areas of our market, appetite will return to a spluttering higher end.
Chris Arundel, Director GSC Grays.