Property Market Update August 2015

Land Registry figures show that average sold prices in England & Wales have increased by 1.1% to £181,619, the highest peak on record, surpassing the previous high in November 2007, before the market crashed.

Our Rightmove statistics show that in Ruislip and surrounding areas the average sold prices have increased even further, by 1.6% from £386,820 to £393,909.  On average a detached home will now cost in excess of £600k and flats upwards of £260k. 

This all shows that property remains a great long-term investment and, of course, for those landlords out there, this capital increase is a bonus on top of net rental yields, steady at around 5%.  Of course, there is now a further tax burden on investors with last month’s budget slashing tax relief for private landlords from 45 down to 20%.

The local market is definitely moving with Lawrence Rand having their busiest and best month ever for sales and completions in August.  Looking at Rightmove it can be seen that there are just under 300 houses on the market, 20 of which are new homes, in addition to 120 apartments.  Lawrence Rand currently have a stock of 133 properties selling on average in just over 2 months.  The great news for sellers is that Rightmove has over 61 thousand buyers registered for property alerts in the HA4 postcode with almost 114 thousand searches being made for the Ruislip area per month over the Summer.

It is a usual prediction that this demand will increase further during the Autumn with people looking to be moved before the Christmas holidays.  I would suggest, therefore, that if you are thinking of moving, it is worth getting your property onto the market soon to take advantage of the Autumn demand.

If you would like to discuss your property valuation, please contact me now on 01895 675674 or email me peter@lawrence-rand.co.uk.

Look forward to hearing from you.

Peter Lawrence