According to an article in Estate Agent Today property prices have climbed to an all time high, jumping by 2.9 over the last month for properties new on to the market.
This is not a universal sign of a housing market recovery and according to officials within the industry are regional increases with hotspots around the country. The 2.9 monthly rise is the highest since April 2007, before the problems with Northern Rock.
The director or Rightmove, Miles Shipside said that it had taken four years for sellers to choose asking prices above the previous records. It appeared that those with access to cash and finance could buy and this in turn helped push the market along and set new price records. It appears that buyers struggling to raise deposits and funds were being excluded from the market as the prices are at an all time high. The amount of properties coming onto the market in April compared to this time last year were also a key factor for first time buyers wanting to get onto the property ladder.
We wanted to know if the price rises had encouraged people to stay in their properties, renovate, change the room purposes or make additions to their properties with conservatories and garage conversions?
In a quick straw pole in the office, we found that people were generally happy with the homes they live in and would prefer to make changes to their properties rather than have the stress of finding a new home and incurring costs associated with moving.