Estate agent says prices rise 11 per cent in year

Daily Echo: House prices in Southampton shoot up House prices in Southampton shoot up

HOUSE prices in Southampton have risen by more than the national average, with a rise of 11 per cent in the last year.

The average property in the city now costs £202,723, new figures have revealed.

The rise was two per cent above the nine per cent increase in average house prices across the UK and six per cent across the south of the Hampshire.

Latest figures show that the housing market in Southampton and south Hampshire is proving buoyant with experts pointing to the impact of the Government’s new Buy to Let scheme.

The past year has seen a 55 per cent rise in the number of people registering to buy a house in Southampton.

However, the number of new properties coming on to the market in the city has only risen nine per cent in the same period – leading to a rise in prices as demand outstrips supply..

The figures are part of estate Agent Fox & Sons’ housing market index for south Hampshire.

Helen Asteris, area director at Fox & Sons, said: “The south Hampshire property market is showing no signs of freezing up as we move into the winter months, with property price growth of six per cent annually and sales transactions up by 29 per cent in the same period.

“New buyer registrations are up 41 per cent annually, a clear sign that the Government’s Help to Buy initiative is stimulating demand, but supply levels are not matching this growth and the imbalance is pushing up prices.

“The Southampton market is especially strong with new buyer registrations up 55 per cent annually and property price growth of 11 per cent annually – far outstripping national levels.

Portsmouth saw house prices rise three per cent in one month, to £151, 515.

Comments (7)

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11:10am Thu 2 Jan 14

bigfella777 says...

Take away the demand then the prices will fall, would you pay 50k for a Ford Mondeo just because you really needed a car and there was only one for sale?
Take away the demand then the prices will fall, would you pay 50k for a Ford Mondeo just because you really needed a car and there was only one for sale? bigfella777

2:32pm Thu 2 Jan 14

Torchie1 says...

What effect on prices do you think the united local opposition to each and every proposed development has? Everyone wants houses built in an area that they will be able to benefit from but not close enough that it affects them, even though the UK is an overcrowded island that is seen as a highly desirable place to live.
What effect on prices do you think the united local opposition to each and every proposed development has? Everyone wants houses built in an area that they will be able to benefit from but not close enough that it affects them, even though the UK is an overcrowded island that is seen as a highly desirable place to live. Torchie1

3:59pm Thu 2 Jan 14

03alpe01 says...

It's alright, Posh Boy is here with his Help to Buy scheme that will save the World!
It's alright, Posh Boy is here with his Help to Buy scheme that will save the World! 03alpe01

4:51pm Thu 2 Jan 14

andysaints007 says...

bigfella777 wrote:
Take away the demand then the prices will fall, would you pay 50k for a Ford Mondeo just because you really needed a car and there was only one for sale?
Pratt
[quote][p][bold]bigfella777[/bold] wrote: Take away the demand then the prices will fall, would you pay 50k for a Ford Mondeo just because you really needed a car and there was only one for sale?[/p][/quote]Pratt andysaints007

10:56pm Thu 2 Jan 14

10 Minute Man says...

Yes folks, listen to the estate agents - you can trust them 100 percent !

> There is massive demand = give me the job
> I just sold a house like yours = give me the job
> There are very few houses like this = buy this house
> You'd better reduce the price = get the sale through
> Accept the buyer's demands for reductions = get the sale through
> Prices are going up all the time, complete soon = get the sale through

> I took some photos on my phone and uploaded them to Rightmove = give me 2% of the price of your house (i.e. 8 months of mortgage payments from a proper job).
Yes folks, listen to the estate agents - you can trust them 100 percent ! > There is massive demand = give me the job > I just sold a house like yours = give me the job > There are very few houses like this = buy this house > You'd better reduce the price = get the sale through > Accept the buyer's demands for reductions = get the sale through > Prices are going up all the time, complete soon = get the sale through > I took some photos on my phone and uploaded them to Rightmove = give me 2% of the price of your house (i.e. 8 months of mortgage payments from a proper job). 10 Minute Man

12:30pm Fri 3 Jan 14

southy says...

Torchie1 wrote:
What effect on prices do you think the united local opposition to each and every proposed development has? Everyone wants houses built in an area that they will be able to benefit from but not close enough that it affects them, even though the UK is an overcrowded island that is seen as a highly desirable place to live.
The UK is not over crowded the UK is around half way to the max amount of population it could take
[quote][p][bold]Torchie1[/bold] wrote: What effect on prices do you think the united local opposition to each and every proposed development has? Everyone wants houses built in an area that they will be able to benefit from but not close enough that it affects them, even though the UK is an overcrowded island that is seen as a highly desirable place to live.[/p][/quote]The UK is not over crowded the UK is around half way to the max amount of population it could take southy

12:35pm Fri 3 Jan 14

southy says...

House prices are kept high by the lack of social homes, give the councils the right to build there own homes with out them asking the government for permission, set a rule down like the council can build homes 1% over there waiting list, and then you watch house prices drop to what they are really worth and not this over price homes.
House prices are kept high by the lack of social homes, give the councils the right to build there own homes with out them asking the government for permission, set a rule down like the council can build homes 1% over there waiting list, and then you watch house prices drop to what they are really worth and not this over price homes. southy

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