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 TEAM: budget has not impacted property market

 

Wednesday, May 01, 2002


One of the UK's largest networks of independent estate agents has lent further weight to the findings of other property price reports, claiming that the boom in property sales has continued unabated in the past month, with major increases being reported from around the country.

TEAM's latest national survey shows the average price of a home was £134,797 in mid-April - almost 2.0% ahead of March and more than double the monthly growth rate seen in January. The latest survey is based on 13,889 homes listed as "under offer" by agents in 16 regions across England and Wales worth a total of nearly £2 billion. As usual there are wide regional variations, with the sharpest increases this time being reported in Devon, Dorset & West Hants, East Yorkshire and South Wales.

Philip Muzzlewhite, TEAM's national chairman, said: "The Budget has not been designed to help or hinder the property market and as a result the boom in property sales continues for a further month with significant regional differences."

Jim Atkins, president of the National Association of Estate Agents, who is a TEAM agent based in Dorset, said: "These figures continue to show higher than anticipated price increases. However the spring is always a popular time for people to move, thus creating concentrated demand, with a continuing shortage of property available."

He predicted demand would lessen in the summer and that the rate of increase would slow. If interest rates increased even by a small amount mid year, this could also cool the market and "be a good thing for us all, in order to avoid future difficulties".

No valid comparisons are available for North London. This Team region has recently absorbed 21 new estate agencies in Hertfordshire, where prices are lower.

Below is a region-by-region breakdown of "under offer" prices agreed on homes being sold through members of the TEAM network of independent estate agents. Each figure represents the average price agreed in the previous three months.

Area Ave Price
 to Apr
% trend in
past month
% trend over
12 months
Anglia £108,880 +2.48% +17.29%
Cornwall £117,462 +1.75% +13.55%
Devon £126,049 +4.22% +19.79%
Essex £123,441 +1.67% +14.31%
S. Hants £129,876 +2.33% +9.34%
Kent £114,027 +1.75% +10.90%
N. London & Herts £208,500 +0.34% N/a
E. London £134,946 +2.58% +21.16%
Midlands £117,145 +3.01% +15.68%
Somerset
& Avon
£128,893 +0.20% +11.22%
S. Wales £94,974 +3.82% +5.71%
Surrey £213,302 +0.32% +6.57%
Sussex £163,505 +2.54% +18.50%
Thames Valley £169,407 +0.75% +10.12%
Dorset & West Hants £161,122 +3.26% +20.61%
E. Yorkshire £57,438 +3.67% +15.11%
 
 
     
     
 

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