St Albans vendors advised to price properties carefully as growth slows
PUBLISHED: 14:32 17 November 2017 | UPDATED: 15:04 17 November 2017
St Albans homeowners are being urged to bring their price expectations in line with the current climate in order to secure a swift sale.
According to Strutt & Parker’s residential report for the third quarter of 2017, UK house prices grew 2.3 per cent in the year to September - and pricing is key if transactions are to keep moving.
Rozanne Edwards, head of Strutt & Parker St Albans, said: “There is no shortage of good quality buyers out there, many of whom are feeling frustrated by the lack of houses available to view.
“We are encouraging sellers to adjust their price expectations in line with the current climate – ensuring a property is not overpriced will be a running theme as we move into the new year.”
The recent 0.25 per cent interest rate rise has already impacted on some mortgages, and Strutt & Parker predict that this will be compounded by a further year of limited wage growth combined with inflation. Growth of 2.5 per cent is to be expected UK-wide during 2018 (excluding London), the agency said.
Guy Robinson, Head of Residential Agency at Strutt & Parker, said: “Despite the slowdown in UK house price growth, the residential market remains active, and Strutt & Parker has recorded an 8.3 per cent annual increase in the number of transactions concluded across the country.
“Over the past quarter we have seen the impact of political and economic uncertainty on house prices spread from prime central London out to the residential market around the M25, although sensible pricing and other adjustments by all parties can help the market in the commuter belt from becoming stagnant.”
Research by Zoopla reflects Strutt & Parker’s findings: 72 per cent of homeowners in the East of England currently believe local property prices will rise, a drop of 20 per cent since April.
Nationally, this figure stands at 70 per cent, down from 87 per cent.
Lawrence Hall, spokesperson for Zoopla, said: “Despite a dip in sentiment, the majority of homeowners are confident in house price growth in their area, albeit at a slower rate than previously experienced.
“This period of uncertainty could be good news and an opportune moment for first-time buyers who are hoping to get a foot on the property ladder.”