Outlook for the UK Residential Property Sales and Lettings Markets
Estate agent group Winkworth’s latest quarterly review analysing trends and the outlook for the UK residential property sales and lettings markets, shows that although prices for flats softened over the three months period to November 2010, demand for family houses remained high as families with access to affordable mortgages tried to take advantage of better prices and upgrade.
As a result Winkworth saw average asking prices of its properties rise from £494,000 to £532,000 nationally and from £518,000 to £551,000 in London, and this was despite an overall fall in demand from buyers (24% year-on-year fall in new buyer registrations) as confidence waned and mortgage accessibility remained tight.
House prices – UK and LondonDominic Agace, CEO of M Winkworth Plc, comments: ”The market for family houses remains extremely buoyant and, with an increasing proportion of such properties on our books, we are pleased to see that our average asking prices rose at a time when the market itself was stagnating. There is still a shortage of stock and with pent up demand growing we would expect this sector to remain active in 2011″