London new homes top £300,000
According to figures released today by SmartNewHomes.com, the new homes market finished last year on a high as both demand and price increased throughout 2003. The index tracks the location and price homebuyers are willing to pay for properties searched for on smartnewhomes.com; December’s figures show that buyers were willing to pay an average of £224,554 for a property, up by 1.3 per cent on November and an increase of 8.5 per cent compared to the previous year.
The price homebuyers are willing to pay for a property in London reached £300,423 – its highest point to date. Apartments proved the most popular property type, with 46 per cent of searches compared to 39 per cent for detached houses, a reversal of the figures from last year when houses were a more popular choice. Other property types remained steady although the price of penthouses rocketed further, up by 4.5 per cent since November to £329,863.
smartnewhomes.com
Homebuyers advised to do their homework
The National Association of Estate Agents (NAEA) is emphasising the importance of researching every aspect of a particular property before committing to a purchase. Issues such as cost, noise, transport links and local schools can affect the value and suitability of a particular home but are often not considered until the purchaser actually moves in, by which time it is too late.
Peter Bolton King, chief executive of the NAEA, comments: ‘It is always advisable for homebuyers to do as much research as possible before buying a property, especially if they are moving into a new area with which they are not familiar. In particular there are some specific issues, which the public might not normally consider.’ These include running costs, such as council tax, parking permits and stamp duty; transport links; noise pollution (is the house is in a flight path?); and schools.
The NAEA advises people to always undertake surveys with properties as defects will often not be apparent. Similarly, an environmental survey is advised to highlight any problems with the area, such as risk of flooding. Your solicitor will be able to organise both of these for you.
naea.co.uk