Will prices stop going up? Will stock get better? No!
Right-move has just reported that London house prices have continued to increase, with the stats at 9.8% compared to October 2014. They say the average asking price of a home coming to the market has reached an all-time high of £296,549. Nationally the data has shown that the overall annual rise for all property types is still up, at 5.6%.
So how long will this last?
There seems no end until the next bubble, bearing in mind the number of properties being put on the London market was down by 16.2% compared with October last year.
The Rightmove director Miles Shipside has said “With fewer properties coming to market, let alone the right ones at the right price, demand is still not being satisfied in many areas,”
Average prices were up most in Tower Hamlets at 18%, and in Newham they have risen 18.1%.
And this is not just a London trend, Right-move have said many lettings agents across the country were reporting “same-day” rentals and either little or no property to rent. They also say the number of first-time buyer properties coming to the market was down by 8% on the year, worsened by first-time sellers struggling to with the second-step price gap.