Early Start to Spring Buying Season
Following on from strong activity since the beginning of the year, sales rates surged in March. We have seen the number of houses on our books increase by 16 percent over the year, with the number of new buyers nearing a 12-month high. In fact, March was the strongest month for sales across the Hamptons International network in over a year. A desire to avoid the increasing Stamp Duty Land Tax for £1 million plus properties has certainly played a part, but the market, emanating out from high value properties in London, is very well supported.
Average house prices across the UK increased by one percent in the first quarter of 2011 and up 0.5 percent in March alone according to Nationwide. Although moderate, this is good news for the broader housing market. However,as we continue to point out in the press, national averages sell short the much stronger housing markets in London and the South of England.
For Hamptons International clients, this difference is one of the most important issues to be aware of in the current market. National press stories miss this distinction and in reality the housing market in London and the South of England is proving to be much more resilient. Based on what we have experienced so far this year, the market may have some positive surprises in store for Spring house sellers.
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