Properties in Leytonstone and surrounds increased in value by two percent last month, bringing the average price of real estate in the area to £610,074.
But it’s good news for first-time buyers and ‘second steppers’ where the average price of property in both sectors has fallen throughout the UK.
One and two bedroom properties fell by 0.9 percent in March and 2.1 percent year-on-year, for instance. On top of the Stamp Duty ‘gift’ given to them by Chancellor Phillip Hammond it should make property much more accessible for many, the average property in this sector now being £487,459.
It was a similar story for Second Steppers where property fell 0.5 percent monthly and 1.6 percent annually so that the average home here is now £694,116.
Rightmove’s House Price Index for April showed that there was a 1.5 percent fall in prices compared to the same period last year. However, that’s not uncommon for London at the moment with some areas, such as properties in (TfL) Zone One, having fallen by as much as 4.3 percent annually.
Mortgages at their most affordable in a decade
Mortgages in the UK are at their most affordable in ten years, according to a recent three-monthly report from the Halifax. However, mortgage approvals are down on last year (at 63,910 a drop of seven percent compared to the same time the previous year). The good news in this respect though is that mortgage payments now account for 29 percent of homeowners’ disposable income compared to 48 percent a decade earlier.
Halifax’s Russell Galley said: “In the coming months we expect price growth to remain close to our prediction of 3 percent despite the very positive factors of continuing low mortgage rates, great affordability levels and a robust labour market. The continuing shortage of properties for sale will also support price growth,” he added.
Overall the market appears pretty buoyant, with the online portal reporting its busiest ever month where 142 million log-ons were recorded in March. At the same time property in the UK as a whole has experienced a 1.6 percent rise. Whether that’s due to the fact Easter came earlier this year and some viewings had to be cancelled because of snow, it nevertheless is a good sign as far as sellers are concerned.
Analysts continue to warn of overpricing
Having said that, analysts are continuing to warn sellers not to get too carried away when it comes to setting a price on their property.
London estate agent Lucy Pendleton said she had already seen many sellers lose out by over-pricing and “shooting themselves in the foot.”
“We are always telling vendors to be realistic and price their property keenly to fuel interest,” she said. “However, many don’t, and this is a favourite way for vendors to shoot themselves in the foot…Many sellers could have improved the amount paid for their homes if they had encouraged more viewings on day one, rather than going for gold with an over-ambitious ticket price.”
Trading Places understand the local market and use our knowledge to get the best price for you. To keep an eye on the latest news on property prices in the Leytonstone area and to view new properties continually coming on to the market, contact us.