House Sales 6 Year High

House Sales 6 Year High.

Figures released by the Royal Institution of Chartered Surveyors (RICS) has suggested that house sales have doubled in volume since the bottom of the economic downturn.

A survey of members suggest that estate agents averaged over 20 property sales per branch for the three months to December 2013, compared to just 9 per estate agency branch back in 2008.

This rise in sales is predicted to continue in 2014 despite house prices rising around 8% in 2013 and the same growth trend of 7.5% price rises expected in 2014.

Comment

Concerns are rising that supply and demand economics will take over.  There are simply more buyers than there are properties and this will drive house prices up further.

We have already experienced this problem in London and the South East with many clients trying to buy property and quite simply being “out gunned” as the number of property seekers per house reaching 50 plus.

This means that properties are being snapped up very quickly and driving prices up and no doubt “gazumping” becoming wider spread, although estate agents and property owners are wise to this with properties being taken off the market as soon as an offer is accepted.

The property boom, we expect to  filter out from the South East and stimulate other areas of the country over the coming year.