A LARGE POOL OF HOMEBUYERS continue to compete for a relatively small number of available properties, fuelling a situation in which prices are being forced up.  Figures released by the NAEA today state that homebuyers are outnumbering sellers by a ratio of five to one, and last week's Nationwide Monthly House Price Index confirmed a continuing upward momentum in property values with a rise of 0.4% in October. However, in our local area this figure is much higher. In prime London areas it is estimated that one in ten sales are resulting in multiple offers and ending in sealed bids. Examples of this pattern in NW3 and NW6 include 5 offers received in quick succession on a property in Belsize Square, 2 almost immediate asking price offers on an apartment in Upper Park Road, and multiple offers with a sale above asking price on a property in Iverson Road. Buyers are having to move fast to secure a purchase, with one recent example through our Canfield Gardens office being a sale agreed within 3 hours on an apartment in the highly sought after South Hampstead Conservation Area. 

ANOTHER INDICATION of how the demand for good quality property is pushing up prices is exemplified by a house in Pandora Road NW6. When the house was marketed earlier this year the highest offer received was £950,000; that house has now exchanged contracts at £1,175,000. Parkheath's professional approach and focus on client service ensured a satisfactory transaction, and for this we received the following words of thanks from the vendor...

IS COMPETITION RETURNING to the mortgage market? All the leading lenders have made reductions in rates recently with fixed rates enjoying by far the lion's share, with low's not seen for six months. There is still a debate about whether a tracker or fixed rate would be most advantageous given the view that low interest rates are likely to remain for at least the next couple of years. So, if you are looking at buying for the first time, moving home or even considering remortgaging then contact us now for unbiased, impartial advice from the independent mortgage experts, Chapelgate Associates.