Glimmer of upturn in the housing market because 'we're making it happen' says estate agent
PUBLISHED: 13:02 17 July 2019 | UPDATED: 14:00 17 July 2019
Your home is worth, on average, £2,000 more than it was three months ago after prices rose by 0.7% in the region as the market showed small signs of improvement.
House prices rose annually by 1.2% but in East Anglia, the increase from April was lower but still showed signs of an upturn since the start of the year.
This was supported by the monthly report by RICS, Royal Institution of Chartered Surveyors, which showed the first increase in buyer demand since 2016 and a more stable trend with more new instructions and newly agreed sales.
However, stock levels are still low and East Anglia, along with London and the south-east, are not seeing the same house price rises, on average, as other parts of the UK.
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It's the first time since November 2016 that agents have reported a rise in the appetite from potential buyers, however, and a 'slightly less cautious approach' from home buyers with enquiries rising modestly last month after rapid declines earlier in the year.
And the number of sales is expected to pick up further over the next 12 months.
Meanwhile the UK house price index stats out today showed the average cost of a home in the east was £291,239 and £245,817 on average across the UK, a slight increase on the same time last year.
Estate agents were cautiously optimistic. Tom Goodley, a partner at Strutt & Parker in Norwich, said: "Good quality houses are still selling quite well, but as always pricing is critical. Stamp duty is still proving to be a deciding factor in whether people move or not, as they see this as dead money."
Clive Hedges, residential partner at Arnolds Keys, said: "There has been an upturn in the market because we're making it happen.
"This does not mean an increase in prices however, more a strategic management of stock and proactive estate agency putting deals together, matching the right people to the right property"
The latest research by Savills also pointed to an increase in buyer confidence in the first quarter of 2019 and buyer interest increasing in the Norwich area by 15% compared to the same period last year. It also shows viewings and interest for new builds had increased by 35% and 31% respectively and according to the House Bulders Federation, new build buyer confidence is at it highest since June 2017