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Housing scarcity boosting prices
12:29pm Wednesday 18th September 2013 in News
A recovering housing market has forced a steep rise in Chingford property prices, according to experts.
Amanda Roberts estate agents in Station Road said it has seen a nine per cent rise this year due to a boost in demand and a fall in the number of properties becoming available.
Director, Robert Baldwin, estimates he now has fifteen potential buyers for every property for sale.
“As soon as we put something up on the market, the phone rings off the hook,” he said.
Mr Baldwin said Chingford is a consistantly popular option for people moving out of Hackney, Stratford and Clapham due to the easy access to central London and the countryside.
Hetheringtons Estate Agents in Station Road said sellers can often get more than 100 per cent of the asking price due to the scarcity of available homes.
Assistant manager Mark Allen said: “People are being pushed out of London into the suburbs for affordabiity.”
He added the number of properties going on to the market in Chingford is “drastically lower than last year” as owners wait for the market to recover further.
Steve Giltnane, branch manager of Kings Group Estate Agents in Old Church Road, said low interest rates were also driving the rise in property prices as the cost of borrowing remains cheap.
He said: “People are taking advantage of low interest rates while they can and the word is that rates won’t go up until after the next election now.
“We could sell each house ten times over and that’s had an effect on the prices.
People pay a premium on something just to secure it.”
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