Summer months can be notoriously slow for the property market with people on holiday and enjoying the beautiful weather, however Burkmars have not experienced this over the last few years.
We were encouraged throughout July and August with a high level of viewings and agreed sales. This was mirrored by the Council of Mortgage Lenders report, which showed in August this year they increased their agreed mortgages by 2% more than the same month in 2010 and 7% more than July 2011. September did slow down again more in line with the consistent flow which we have experienced throughout 2011.
The Halifax House Price Index found that house prices rose in quarter three this year by 0.1%, the first national house price increase they have recorded since January 2010. In addition to this we have experienced an increase in new instructions as public confidence grew in the market place.
Is the busy market a result of the lack of summer sun, or an indication that the property market is being stabalised?
Free time does not equate to buyers making purchases as large as a house. So here at Burkmars we think the busy summer is a clear indication that the housing market has remained consistent in the New Forest area.
We predicted at the beginning of the year that interest rates would remain low and that house prices and sales would remain constant. The Nationwide House Price Index also shows a similar picture stating houses prices in the Southampton area have not changed, and Bournemouth has a 1% increase change from this quarter last year. Unfortunately first time buyers are still restricted by lending availability which is effecting market growth.
The first three quarters for this year have been busy and productive with house prices remaining level. The Halifax House Price Index forecasts, “We expect little change over the remainder of this year”. We here at Burkmars hope, and expect, to finish the year as we started – being very busy and achieving very positive results for our vendors, whilst market activity and prices remain very much as you see them now.