TEAM Estate Agents: Property Prices Find a New Equilibrium

Surveys by TEAM Estate Agents shows stabler property market despite continued house price increases

London, 30th July 2004 - There seems to be more stability in the UK property market in spite of a monthly increase of 1.1% in house prices in July, according to TEAM Estate Agents, the country’s largest network of independent estate agents.

The TEAM network’s leaders are predicting that property prices are peaking in most areas.

TEAM's latest national survey of property prices shows that nationwide the average price of homes “under offer” was £195,489 in mid-July compared with £193,360 in June, an increase of 1.1%. On average, property prices are 14.9% more expensive than 12 months ago.

The TEAM Estate Agents property price survey is based on data supplied by 558 offices of TEAM members in 16 regions across England and Wales. The TEAM Estate Agents property price survey reflects a daily average of 4,644 homes listed as under offer by TEAM Estate Agents in the four-week period to mid-July.

The TEAM Estate Agents survey revealed that five regions showed property price increases on the month of more than 2%. They are Cornwall, Devon, South Hants, South Wales and Dorset & West Hants.

The biggest property price rise over the past year has been in South Wales, where average property prices are 27% higher.

TEAM’s national chairman, Philip Muzzlewhite, commented: “The predicted slow down in house price rises is clearly now seen with fewer buyers and more sellers creating a new equilibrium in the market not seen since 1996.”

Jim Atkins, a past president of the National Association of Estate Agents and a TEAM member based in Dorset, said: “Property prices have now reached their peak for the time being in most areas, particularly the south. Whilst enquiries have slowed a little, market appraisals and instructions are plentiful. Sellers must be realistic with their asking prices in order to attract home buyers.”