House prices across the UK have grown in 2015 but there is still room for further increases.
The timing and pace of interest rate rises, along with economical growth patterns will dictate the distribution and sustainability of any increases.
Prices will rise by an average of 17% by the end of 2020, assuming that mortgage rates do not exceed 4.5%. Any combination of higher house price growth or high mortgage rates could leave affordability looking stretched.
If interest rates rise too quickly, mainstream house price growth will be quickly curtailed. On the other hand, if rates remain low for too long, there is a risk that prices will rise too far, creating affordability issues further down the line.
London’s mainstream markets are expected to underperform its hinterland, with average growth of 15.3% forecast over the next five years. The strongest price rises are expected in parts of the south and east of England, and not the capital.
Nicholas James are a family run Estate Agents in Southgate, North London. The first Nicholas James office was opened in August 200 by brothers Nicholas Panayiotou and James Panayiotou, bringing together a combined experience of over 25 years in property sales, lettings and management in Southgate.
Nicholas James prides itself on the company’s positive, sincere approach to business. Following on from its belief that “honesty is the only investment that never fails”, Nicholas James has managed to retain 96% of its clients since opening our Estate Agents in Southgate. This fantastic achievement is further evidenced by the company’s increased exposure in the area through word of mouth, boasting an impressive 90% of new customers arriving by referral.
We at Nicholas James are proud to be operating in the area where we have lived and grown up for the last 33 years. Our knowledge of the area is second to none, and we devote many hours to re-evaluating movements in the property market to ensure we achieve the best possible deal for our clients.
If you wish to make enquiries regarding your property, pick our brain on a particular issue or simply meet the team then please feel welcome to visit us for a pleasant and informal chat at either of our Estate Agents offices in Southgate.