Wimbledon Estate Agents and Lettings Agents Andrew Scott Robertson calls for the 'on-the-fence' home movers to take advantage of the unprecedented selling conditions in SW19.
March 11, 2014 (Newswire.com) - Some people need more encouragement than others to sell their home. SW19 estate agents agree any lingering fears over the health of the UK property market should be banished. Stephen Parsons, Head of Residential Sales at Wimbledon estate agents Andrew Scott Robertson, says there is a 'perfect storm' resulting in an upbeat selling market: "We have been waiting a long time but the magic trio of selling factors are finally aligned.
Rising house prices, the return of first-time buyers and improved mortgage lending are creating a fast-paced environment. It's very much a vendors' market, especially here in SW19 where agents like us are holding waiting lists of buyers. Property for sale in Wimbledon doesn't hang around."
If a vote of confidence from Wimbledon estate agents isn't enough to sway potential vendors, industry figures will encourage those still needing convincing that now is the perfect time to sell. The 'trio' of perfect conditions include:
Rising house prices
In February the Nationwide declared UK house prices had increased by 0.6% that month and were 9.4% higher than February 2013. While this paints a rosy national picture, the figures for Wimbledon are even more appealing. According to Zoopla, house prices in SW19 were up 12.4% in the last year and up almost 49% in the last five years. Even in the last month an average home in Wimbledon has increased in value by over £11,200. Why are rising house prices important to sellers? As well as realising a home's potential value, rising prices put other sellers in a more positive frame of mind, encouraging movement and fluidity.
Influx of first-time buyers
As well as existing home owners deciding to move, a good selling market needs first-time buyers taking the plunge. The recent numbers make good reading. In the last three months of 2013, 73,700 borrowers across the country were buying their first home, a 32% increase on the previous year, according to the Council of Mortgage Lenders.
Improved mortgage availability
For a while mortgages were harder to secure but thankfully the lending market has changed for the better. The Help to Buy mortgage guarantee scheme has put over 6,000 people in the position to purchase a property and this is not the only perk of this Government-backed initiative. The scheme has also created an air of competition, prompting mortgage lenders to relax their loan criteria and offer more attractive rates across their regular mortgages. Mortgage availability is so good that the Council of Mortgage Lenders forecast a rise in gross mortgage lending from an estimated £170 billion in 2013 to £195 billion in 2014 - its highest level since 2008. Better lending conditions open the door to those with smaller deposits and more unusual circumstances, therefore creating more buyers.
Make your move today "There are hundreds of people registered with us looking for property for sale in Wimbledon. Our biggest issue is stock - we simply need more homes for sale. Anyone thinking of selling their property should contact us without delay. We can normally organise the marketing of a property within 48 hours and it's not unusual to have viewings within the first week of signing up," concludes Stephen Parsons.