27 Jan UK Property Predictions for 2011
James Wyatt, Senior Partner of Barton Wyatt talks of his predictions for 2011.
Barton Wyatt is a well-known, award-wining estate agency based in Virginia Water, Surrey. With an office in Virginia Water since 1965 (but established long before that) the Wyatt family have traded through peaks and troughs for almost 85 years.
Wyatt says: “It is all too easy to predict a full scale Titanic disaster for the next year. What with increasing VAT, loss of child benefit, higher taxes, lack of high loan to value lending, it would be easy to talk ourselves into a state of doom.”
He goes on to say: “But my money is on rising prices after Easter and I say this for the following five reasons:
- 1. Firstly mortgages for those with 25%+ deposits will become much more readily available.
- 2. Secondly that interest rates/base rate will remain at or about their current level which will give confidence in the market place.
- 3. New house builds will remain at a very low level, creating a restricted supply which is likely to remain at a low level for many months.
- 4. The supply of houses for sale will continue to be limited which will have the effect of forcing up prices”
- 5. Lastly, London and the prime home counties in the South East remain a magnet to wealthy foreign families and indeed wealthy UK families.
Barton Wyatt has started to see some indications of this already. The number of houses for sale compared to two years ago has diminished by 30% which can be very frustrating for buyers needing to move quickly.
Houses that are in the best locations continue to turn over quite rapidly. The statistics for Barton Wyatt suggest that this time two years ago it would take 5 weeks on average from a house going on the market to an offer. This figure is now at 7 weeks – slightly slower, but still a reasonable speed considering the wider market. Houses that stick tend to be in a poor location and are generally in a state of poor repair.
James Wyatt goes on to say: “London will remain streets ahead of everyone else with it´s attraction to foreign buyers undiminished.” He predicts that London might “expect price rises of up to 10%.”
He continues: “I anticipate that the Home Counties will see a more modest rise of around 5% over the year. This is good news for us at it will bring house prices back to early 2010 levels. Obviously we are propped up by our proximity to London and the optimism seen there in house prices definitely rubs off on Surrey property prices.”
Wyatt says: “in the wider area of the UK outside London and the home counties, I would anticipate that house prices could see further falls particularly with first time buyers struggling to raise 25% deposits and higher unemployment.”
For more information on homes in Surrey please call 01344 843000 or visit www.bartonwyatt.co.uk
An example of a house currently being marketed by Barton Wyatt:
Whispering Pines, Wentworth Estate – £2,495,000
Six bedrooms (vaulted master with en-suite bathroom and dressing room) four bathrooms, gym/bedroom seven, two large eaves storage rooms, entrance hall, cloakroom, drawing room, dining room, study, family room, fabulous kitchen/breakfast room, utility room, integral double garage, heated swimming pool, gym/studio, delightful level gardens in approximately half an acre, driveway with electric gates.
For more information please contact Barton Wyatt on 01344 843 000 or visit property for sale in Surrey.