AFTER a relatively slow start to the year, activity last month rose dramatically with our office seeing a 36 per cent increase in the number of enquiries from prospective purchasers and 33 per cent more enquiries than the same time last year.
This is an area which relies heavily on purchasers migrating from London and many of our applicants coming from the capital are attracted not only by the ease with which they can access London, but also the high selection of excellent schools. Additionally, they will find they are able to afford more house for their money in Reigate with a pretty Victorian four bedroom home costing around £895,000 as opposed to the equivalent home costing in excess of £1 million in south west London.
The increase in the number of purchasers has also been matched by an increase in the number of vendors choosing to sell their homes at this time. Prices are perhaps at their strongest for two years and, in recent weeks, for properties priced in accordance with current market values, we have seen competition on a number of our instructions resulting in sales being secured in excess of the guide.
This is a view shared by Kris Lecocq of SPF Private Clients, the specialist financial services company. The beginning of the year saw re-mortgaging numbers remain relatively low. The reason for this could be threefold.
Firstly, many borrowers are sitting on attractive reversion rates or standard variable rates, so do not have the inclination to re-mortgage. Secondly, many may be trapped because of tighter criteria or lack of equity in their homes.
Finally, others may be waiting out the market to try and secure an even better rate.
For these individuals, it is worth remembering that current rates are at an all time low and, with some excellent deals available, securing a new mortgage now could be a good move.
With current advantageous mortgage rates combined with a selection of some fine properties, now is an excellent opportunity for those seriously considering purchasing and for those wanting to secure a successful sale.
