Medway housing boom pushes up prices
Demand from eager housebuyers is outstripping the supply of homes for sale, as Medway’s property market booms.
Prices are climbing steadily as a result, even ahead of a buoyant picture across the UK, say some local agents.
Estate agents across the Towns have been reporting high sales figures for last month as they say supply is outstripping demand. Ryan Denniss, sales negotiator at Harrisons Estate Agents in Rainham, said the most sought-after properties and fastest-selling were those under £200,000.
He said: “They are getting snapped up as soon as they come on market.
“We are seeing a lot of people that are first time buyers, or those that are downsizing because they cannot afford to pay their mortgage.”
He claimed property sales have been increasing since the start of the year, with the highest figures in July. He added: “Demand is outstripping supply. We are always leafleting to try to get more properties under the £200,000 figure because we have so much interest, even though prices are increasing.
“House prices have gone up in the last three to four months but it is not stopping people from buying them.”
He said the hot spots are in Rainham, Parkwood, Hempstead and Wigmore.
Purple Property Estate Agents, which has a branch in Canterbury Street, Gillingham, also sold a record number of houses in July.
Research by Rightmove, a real estate website, said the average house prices in the South East had risen from £329,968 in July 2012 to £330,612 for last month.
Miles Shipside, Rightmove director and housing market analyst, said: “Higher confidence, increased mortgage availability, lower rates and new Government’s schemes such as NewBuy and Help to Buy – which give first time buyers with small deposits a lift onto the property ladder – have all combined to encourage more housing market activity.”
Rightmove has predicted the housing market will continue to maintain its ‘strong momentum’, driven by an ongoing shortage of homes for sale.
First-time buyers have been giving a boost to the housing market, thanks to new Government schemes.
Both NewBuy and Help to Buy – which give first time buyers with small deposits a lift onto the property ladder – have all combined to increase house sales.
Among those who have moved into a new home are Daniel Gamble, 25, and Leah Rattray, 23, who now own a three-bedroom house at Liberty Park, thanks to only needing a 5% deposit. Construction manager Daniel said: “We had been renting together for several months but, after paying rent and bills, we were finding it impossible to put aside money each month.
“In order to save as much money as possible, we each moved back with our parents for a few months. Even with our reduced monthly outgoings, if it hadn’t been for NewBuy, we wouldn’t have been able to get onto the property ladder for another few years at least.
“Without NewBuy, we would still be living at home and scrimping to save all our money.
“Now we own our own home and can invest in our future, rather than paying someone else’s bills by renting.”
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