House price stability for Saffron Walden in 2010, predicts estate agent
PUBLISHED: 13:21 15 December 2009 | UPDATED: 22:04 31 May 2010
HOUSE prices in Saffron Walden and the surrounding villages will remain remarkably stable in 2010, according to a leading estate agent. In his annual review of the property market, director of Mullucks Wells Estate Agents, William Wells, has predicted t
HOUSE prices in Saffron Walden and the surrounding villages will remain "remarkably stable" in 2010, according to a leading estate agent.
In his annual review of the property market, director of Mullucks Wells Estate Agents, William Wells, has predicted that people hoping for continued price rises next year were going to be disappointed.
"At the beginning of the year, we were optimistic that 2009 would be better than 2008, simply because it couldn't be any worse," he said.
"The Bank of England's move in taking the base rate to 0.5 per cent helped - and prices that had plunged by around 20 per cent within a 16 month period began to rise in the early summer. For some properties, this meant their values bounced back by over 10 per cent in the subsequent six months.
"However, some owners seem to be under the impression that prices will keep on rising through next year as well. I don't believe that the economy is in a sound enough state to let that happen.
"Nevertheless, I think prices will remain remarkably stable throughout 2010 - and a year of stability may not be such a bad thing, after the turmoil we've all been through."
Mr Wells added that the length of time taken between agreeing a sale and exchange of contracts has been the greatest frustration of 2009.
"We all thought that the introduction of the Home Information Pack (HIP) would help to shorten the period of time between a sale being agreed and exchanged," he said.
"In 2007 and 2008 the average time was around 6.5 weeks, but this has now increased to just under 8 weeks. Whilst this has been frustrating, the introduction of HIPs has also created greater commitment from both sides - which means that fewer sales fall through."
Mullucks Wells has been operating in the area since 1990 and they have offices in Saffron Walden, Great Dunmow and Bishop's Stortford.
Mr Wells said: "As the year draws to a close, we remain optimistic for the property market in this part of the country over the next 12 months. At Mullucks Wells, we have a very good residential team with exceptional local knowledge, experience and enthusiasm.