Property Market Predications for 2013
The most recent house price indices have shown a stable if mixed picture. The Office for National Statistics have recently released data to November 2012 to show that in England house prices have risen by 2.1% in the 12 months to the end of October 2012. There was a 5% rise in London and a 3.0% rise in the South East, which will skew the numbers to a broadly flat picture outside of London.
The Nationwide’s December figures show a picture where typical house prices fell by 0.1% in the last month of 2012. For 2012, they quote a decline of 1%, as opposed to the annual increase of 1% in 2011. The Nationwide predicts that the North/South divide in property prices will continue to widen in 2013.
All indices have to be taken with a pinch of salt in Yorkshire because the ‘housing market’ as it is discussed is simply the combination of lots of smaller micro markets.
What Preston Baker have seen in Q3 and the start of Q4 in 2012 is that the number of new sellers coming to the market has decreased. This may sound like a reason for further gloom but in fact the consequence has been that sales rates have increased.
Because mortgage lending is still restricted despite the governments ‘Funding for Lending Scheme’, there is a finite number of ready, willing and able purchasers. A small decrease in the number of new listings has actually created more confidence in the market as a higher proportion of stock is now sold.
Lots of customers will be considering selling in 2013 and I believe it will be a stronger year than 2012 has been. At Preston Baker we have grown by over 25% in 2012 so we feel very optimistic about next year.
If you do wish to move, consider the advantages of Preston Baker’s proactive, proven marketing strategy. We are so confident that we can sell your properly priced house within the first 8 weeks of marketing, that is we don’t, we will give you £300 cash back* on your fees when we do.
Give your local Preston Baker branch a call to give your home an early start in 2013.