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Steady & gentle rise for 2004 house market

In each of the past three Januarys, pundits previously predicting an end to house price rises have been proven wrong, says the TEAM network people, who are predicting a steady and gentle rise in 2004.

Property prices in England and Wales rose by nearly 10 per cent in 1993, according to TEAM, the country's largest network of independent estate agents.

TEAM's latest national survey shows that nation-wide the average price of homes 'under offer' was £178,795 in mid-December – an increase of 9.7%, or £15,814 in 12 months.

The survey is based on data supplied by 558 offices of TEAM members in 16 regions across England and Wales and reflects a daily average of 2,824 homes listed as under offer by agents in the four-week period to mid-December.

In the past month alone the average rise across the country was 1.2%. Regional variations are again apparent with five regions, Essex, South Hants, Sussex, Thames Valley and Dorset & West Hants, reporting an increase above 3% in the month while five regions show small falls.

TEAM's national chairman, Philip Muzzlewhite, commented: “Despite a Christmas lull in the normally frenetic property market, prices continue to rise overall.”

“While pundits have predicted an end to property rises in each of the last three end of year reviews each January has proved them wrong again. Our prediction is that a steady and gentle rise will continue in 2004.”

Jim Atkins, a past president of the National Association of Estate Agents and a TEAM member based in Dorset, said: “We have seen the usual last minute scramble from buyers wishing to exchange contracts and move before Christmas.”

“2003 has provided controlled and steady price appreciation in most regions. There is confidence of an active property market for 2004 with modest increases.”

TEAM Anglia chairman Neil Parsons said prices in Norfolk and Suffolk had risen steadily over the year and prospects for 2004 were very good. TEAM agents expect strong demand for all types of property immediately after Christmas and TEAM has major promotional plans for the New Year.

Tim Green, a TEAM member in Thames Valley region said, “Things look good for the spring '04 with an anticipated balance of supply and demand - prices holding their own without volatile increases.”