London Estate Agents Stirling Ackroyd comment on the rising popularity of Hackney Property.
(1888PressRelease) June 14, 2011 - The London property market currently stands in total opposition to what's happening elsewhere, according to figures released by the Halifax. Their house price index to April 2011 showed that the average price of a property dell by 1.4% on a month on month basis. The Nationwide also confirmed a drop in prices, albeit a more modest 0.2%. Yet in London estate agents have reported a sales price increase of 5.8% throughout the first quarter of the year. Pricing is also notably still far higher. The average UK selling price of an average house now equates to levels recently achieved for one beds at the starting end of the Hackney property market. Hackney estate agents Stirling Ackroyd gave their comments on the London boom.
Nowhere has performed like the London housing market in the recent years. The current economic conditions are proving an extremely attractive lure for overseas investors. Their currencies are often performing better than in previous years against the relatively weak sterling pound. Rental demand remains both high and robust, with the majority of landlords anticipating increasing rents this year. There have also been historically low interest rates and UK banks becoming more selective in their lending criteria for 'local' buyers. This combination of factors has lead to the market becoming a positive hot spot, particularly for investors from the Asia-Pacific regions. And recent unrest in other parts of the world has strengthened the capitals reputation as a safe place for a reliable long-term return.
"The market of course hasn't seen the disastrous effects of the global downturn like other major cities, for example, Barcelona or Dublin. It has strong legal protection for investors and a history of stability within a well organised infrastructure. All in all, overseas buyers are keen to purchase property in London. It's internationally acknowledged as an extremely astute investment" said Hackney estate agents Stirling Ackroyd.
The Halifax reported the price of an average house in the UK at as £160,395. The Nationwide's figures were higher at £165, 609, whereas the Land Registry's figures from March 2011 leaned more towards those from the Halifax at £160,996. As an inner London borough, recent prices realised for Hackney property indicate these figures would be in line with a typical studio or one bed flat at the starting end of the market. The Governments Department for Communities and Local Government released interesting figures during May pegging the average mix adjusted house price at £205,565. According to the Department, London house prices increased by 5.6% during March 2011, up from a month on month increase of 3.7% in January and 4.9% increase in February. Excluding London however, price changes were respectively -0.2%, 0.6% and 0.2% across the UK. Property analysts and economists alike predict the trend will continue during the year, but not in London.
"There is a shortage of supply amidst keen interest from both local and the overseas buyers. It is a case of choosing your estate agent wisely, whether you're looking to buy or sell. For vendors, we have been Hackney estate agents for over a decade and can advise you on realistically marketing your property to gain the optimal selling price. For house hunters, you need to see the better end of the market in each price bracket. Do not accept excuses that the squeeze on availability means you should consider yourself lucky to find somewhere. There are still quality properties out there with the right agent".
Stirling Ackroyd's Hackney property can be virtually viewed online at http://www.stirlingackroyd.com/
To arrange an appointment, call the team on (+44) (0) 20 7749 3807