Rise in Plymouth house sales predicted this year
PLYMOUTH'S housing market could end the year on a "positive note" if sellers drop their prices, say industry experts.
New figures released by the Royal Institution of Chartered Surveyors (RICS) suggest the market should see a slightly stronger finish to the year with sales expected to pick up.
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RICS said during September, members' expectations of future sales reached their highest level since August last year with a net balance of 36 per cent more South West respondents predicting transactions to rise in the final three months of the year.
House prices in the region remained unchanged and demand from house-hunters remained stable, claimed the RICS report.
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However, it also found that interest from potential buyers had not seen any significant growth since summer last year.
The amount of homes coming onto the market throughout last month remained low, as one per cent more respondents claimed that supply had risen rather than fallen.
Roger Punch, RICS residential spokesman for the South West, said pricing was key to getting the housing market moving.
Mr Punch, who runs the Plymouth office of estate agents Stags, said: "More than ever this autumn, keen pricing is the key to selling.
"There are, as ever, quite marked regional variations in activity across the South West, but the viewing rate is fair and there are good buyers available – provided that sellers adjust their sights to the currently achievable price levels."
RICS said the predicted up-turn was largely due to the expectations of greater mortgage availability on the back of recent Government initiatives.
Peter Bolton King, RICS global residential director, said: "Unrealistic expectations on the part of vendors seem to be stalling the transaction process.
"Meanwhile, although the funding for lending schemes appears to be improving mortgage availability, those at the very bottom of the housing ladder are still struggling."
Ben Dreher, the Mutley branch manager at Mansbridge and Balment estate agents broadly agreed with the RICS report.
However, he said the "number one problem" in the housing market at the moment was the difficulty for buyers in being able to secure a mortgage.
He said: "The pot of people actually able to get money is so slim at the moment and the money you can borrow is not cheap if you're a first time buyer.
"The Government holds the reigns and if they could do something to impact it would put confidence back into the market place. Perhaps something like a Government-backed mortgage would help move things forward."
He accepted it was the role of sellers to pitch properties "at the right level", adding: "it's our job to give people the right advice, but it does come down to mortgage lending".
He said: "I think the year will end on a positive note. We've had more business in October than in the last couple of months, but we've had waves like this during the year. The earlier part of the year was good and then it quietened down in April and May. It is supply and demand and there is not a huge supply out there and not enough first time buyers."
He said there does not appear to be any expectation of drastic rises or falls in house prices.
"The market has found it's level – prices are not dropping and not going up. But our number one problem is people not being able to get money."
Comments
by Waltersmith
Friday, October 12 2012, 4:39PM
“@havermeyer
Let's face it - house price rises were what caused this recession and the final 30 - 50% reduction will be what will end it”
by Havermeyer
Friday, October 12 2012, 4:21PM
“Does make you wonder how many people in this country still don't understand that house prices are too high. I suppose ten years of Location Location have brain washed many but how hard is it to understand. I avoid anything about the house market in the media now as the conclusion is inevitably let's get the banks lending again. Tedious.”
by BS_Hater
Friday, October 12 2012, 9:49AM
“Estate Agents ARE NOT proffessionals, a proffessional occupation indicates compulsory membership of a regulating body i.e. RICS (surveyors) The bar (legal) BMA (Medicine). No such obligation or body exists within this occupation.
Estate agents ARE NOT experts at anything other than answering a phone and getting you a valuation from a website like mouseprice etc.
The whole occupation is parasitic in the extreme and should be heavily monitored and regulated or better still banned.”
by Vinnie_Gar
Thursday, October 11 2012, 8:37AM
“More propaganda from these spivs.
Estate agents played a major part in the ridiculous rise in house prices which has contributed, in a big way, to present levels of unaffordable personal debt.”
by pogle063
Thursday, October 11 2012, 8:04AM
“Lets not forget Devonport as well - not enough houses coming onto the market how many more do these estate agent scum want?”
by pogle063
Thursday, October 11 2012, 8:03AM
“Hang on a minute houses coming onto the market remain low? They have just built a shed load at Mountwise, more being built at Millbay, North Prospect a couple of hundred there most for sale and more on the way, Woolwell, the school at Barne Barton, Plymton cattle market - these are just the ones I can think of sat here!
Just how many new properties do would do it for these estate agents?
As for the price dropping it would appear that house prices in what used to be Woodhey have rocketed from affordable £90 000 to the current prices of £167 000 how is that a fall in prices?
My friend was forced to take £96 000 for his house there are now 3 houses stood on his plot with a price tag of £120 000 EACH!
It was only a matter of time before the housing market killed itself and that time came. Treating what should be family homes as get rich quick commodities to buy and sell for a quick profit has greatly contributed to collapse of the economy and made it almost impossible for people - let alone families, even consider buying a home.
We are now in a ridiculous situation that will only get worse as people try to borrow more than they can afford to try and get a home. - God forbid that the interest rates rise - It will be repocession city.”
by lmmfao
Thursday, October 11 2012, 7:38AM
“Since when are estate agents "industry experts"?”
by bikerlad
Thursday, October 11 2012, 7:35AM
“estate agents , well if you do take notice of them who are of corse just trying to fleece the public . often say house prices are rising only to make you sit up & start looking , just what they want .
then off goes another rise in house prices more money for them .
dont fall for it , they are all cons just like Cameron”