22 Baldocks Road, Theydon Bois, Epping, Essex, CM16 7EB

01992 666 191
office@lyttons.co.uk

Mon - Fri: 9am - 7pm
Sat - Sun: 9am - 5pm
Available for viewings 7 days a week

Your Local
Rated
Estate Agent

Your Local
Estate Agent
Covering West Essex

Your Local
Rated
Estate Agent

Your Local
Estate Agent
Covering West Essex

Your Local
Rated
Estate Agent

Shortage of available properties for sale continues to increase property prices as buyers compete to outdo one another #property #houseprices #enfield #barnet #haringey #london

Land registry data from the first 6 months of 2014 compared to the first 6 months of 2015 shows a stark difference in the volume of property transactions between the London Boroughs.

 

London Borough

Transactions of H1 2014

TRANSACTIONS OVER H1 2015

% CHANGE

Haringey

1,355

1,095

-19%

Barnet

2,366

1,985

-16%

Enfield

1,825

1,577

-14%

Source: Land Registry: http://landregistry.data.gov.uk/app/hpi/hpi 

The lack of property for sale has increased competition between buyers who are looking for similar properties to purchase.

On a slight tangent, in my personal experience, it is not due to a lack of people wanting move home but their inability to find a suitable property to move to. In one example, an elderly lady living on her own in a large 5 bedroom house has been unable to find somewhere the matches her requirements in the areas the she wishes to reside in. A house such as her’s is highly sought after however, from a generation that would prefer to find first, then sell their home, it is not proving fruitful.  

“Chicken & Egg Scenario”

 

A phrase I am hearing a lot recently from motivated sellers but the property they are looking to purchase to make that next step, be it an upward or downward move either doesn’t exist, hasn’t been on the market for a long time (e.g. bungalows) or they themselves have been priced out. 

The Property Ombudsman Trading Standards Rightmove