Two towns become the first outside of London to have an average house price of £1million
Average house prices have risen to over £1million in towns outside London for the first time in Virginia Water in Surrey, where the average house price is £1,168,992, and at £1,042,552 in Cobham, Surrey. Property sales in London still account for 66% of all house sales over £1million though the number of sales has been falling.
Average property price to rise by £60,000 in 2020
House prices are expected to rise by a further £60,000 in the next five years as the lack of homes makes it difficult for families to move up the property ladder. It’s estimated that the average house price will reach £320,000 and the price gap between smaller and larger properties is further increasing,
Source: Daily Mail
Less people moving as house prices continue to rise
Reports have shown that the number of people moving houses is at a low with only 4.6% of households expected to buy a new property in the next 12 months, compared to 5.9% in September.
Source: City A.M.
50% of tenants can’t afford to save up for deposit
Half of tenants renting are unable to save money to put a deposit down on a property because of high rent prices. 25% of tenants can only save £100 or less per month, and 3.2million people – 48% of tenants, can’t save anything.
Source: Property Industry Eye
Estate agent’s losing leads with OnTheMarket
More and more agents appear to be complaining about OnTheMarket, claiming that their leads have been noticeably lower compared to when they used both Zoopla and Rightmove. The MD of John Curtis estate agency said that their leads have fallen to only 4 – 6 per month since switching to OnTheMarket.
Source: Estate Agent Today