Property on the move again

Property interest and sales are increasing. The Brook Green W14 office of leading estate agents Townends report a marked pick-up.

Close to Holland Park Townends have a 3-storey house with a fish and chip beneath. He whole development in need of refurbishment. It was worth £850,000 a year ago. It has now come back on to the market at £635,000 and the interest is intense.

Townends also had a new build in Shepherds Bush, a split-level development of just under 1,000 sq.ft. It has just sold for £390,000. Eighteen months ago it would have been closer to £500,000. The buyers – both of them in the medical industry – put down 20%. They got a Nationwide mortgage fixed for three years at 3.84%.

Across the country house sales last month were at their highest for a year. Increased interest turned into sales in January which averaged eight property sales per estate agent. This is the highest level since February 2008 and compares with the record low of five transactions a month in August 2008.

It is estimated he number of first time buyers in the market is currently running at about 25%. It has been that figure since January. In December the figure had dropped to 11%.