Estate agent predicts demand will outstrip supply in 2014 property market

09:33 07 January 2014

William Wells

William Wells

Archant

Leading local estate agent Mullucks Wells predicts that demand will outstrip supply in the property market in 2014, with ten times as many buyers as there are properties available

The agent, with branches in Bishop’s Stortford, Great Dunmow, Saffron Walden and a newly opened office in Epping, currently has 280 properties for sale.

Chasing those properties are more than 2,800 prospective buyers, both registered and online – a situation which is likely to continue the upward pressure on house prices.

2013 ended with a particularly busy December for the company, which saw four times as many property viewings than previous years, and three times as many offers being made.

Mullucks Wells’ director William Wells said: “The property market started to move slowly in the summer of 2013, picking up by the end of the year, and I expect this trend to continue in 2014.

“We’re predicting a 10 per cent rise in property prices by the end of the year – although that figure is unlikely to be achieved by all properties across the whole of the region. Homes which are inexpensive to run, have convenient transport links and access to good education nearby will inevitably lead the way, with others lagging behind.

“I expect sales to increase more quickly in the lower stamp duty brackets first. 2014 certainly would appear to be a better year for sellers, particularly those downsizing – although their pricing will still have to be realistic. The only downside is that those wishing to buy a house here are going to have to pay more in the future.

“Other factors to consider are the eye-wateringly punitive rates of stamp duty – especially now prices are rising, with bands that haven’t been looked at for donkey’s years – as well as the possibility of an earlier than expected rise in interest rates, which now seems increasingly likely.

“But overall, demand is likely to far outstrip supply – particularly in prime locations such as Bishop’s Stortford, Epping, Great Dunmow and Saffron Walden. More rural areas are likely to take a little longer to recover.

“However, it’s true to say that the property market would seem to be at its healthiest for several years.”

0 comments

More news stories

Yesterday, 08:00
Volunteers at the emergency response training exercise in Dunmow

Imagine a 500 pound unexploded World War Two bomb being found at Woodlands Park housing estate in Dunmow and 200 homes being evacauted due to the incident.

Fri, 12:32
Violet Tucker

Violet Tucker from Saffron Walden has won a scholarship for a full-time place at the prestigious Susi Earnshaw Theatre School in London.

Thu, 17:00
Jeff Leach (centre) with senator Pat Roberts and wife Franki (left), senator James M.Inhofe and wife Kay (right) and senator Roger Wicker and wife Gayle (front). Also pictured are bar staff Michelle Millington (left) and Hannah Gavin (right).

A Saffron Walden pub received a surprise visit from three Republican US senators after a chance meeting with the landlord in the Market Square.

Thu, 12:29
Stansted 10K

The winners of this year’s Stansted 10k race were boyfriend and girlfriend Bryn Reynolds and Gabriel Carnwath, who both have family members in Henham.

Digital Edition

Image
Read the Saffron Walden Reporter e-edition E-edition

Most read stories

Newsletter Sign Up

Sign up to the following newsletters: