THERE was good news for homeowners in Wanstead after estate agents announced the biggest rise in demand for properties for more than 18 months.
Inquiries for houses and flats in the area have risen back towards pre-recession levels during the past three months as buyers, particularly young families, try to take advantage of lower prices.
But estate agents say property values in Wanstead could soon begin to increase again because there are not enough homes for sale to meet the spiralling demand.
John Wagstaff, of Petty Son and Prestwick, in Wanstead High Street, said the situation has resulted in a queue of potential buyers lining up each time a property comes onto the market.
He said: “We have seen a marked upturn in sales over the past few months with a strong demand for property.
“There is a big shortage of good quality homes for sale in this area, particularly family homes, so there is a lot of interest whenever one is available.
“The number of sales has only been restricted by the number of properties coming onto the market.
“We are hoping more people put there anxieties to one side and begin to start selling again.”
Nathan Bundy of Douglas Allen Spiro, Wanstead, said his company was having similar problems finding enough sellers.
He added: “We’ve seen an increase in buyers returning to the market but there is a lack of property.
“House prices have stabilised in Wanstead. There is demand across the board here.
“If there continues to be a lack of property and an increase in demand it’s only a matter of time before prices increase.”
Mr Wagstaff hopes to encourage more potential sellers to come forward by offering them free advice on the housing market.
He said: “I’m planning to set up an advice line. Once people have that general feeling of security and that the house they are going to buy will not fall drastically in price then they will get back into the market.
“We will offer people who are cautious and anxious about selling, free and independent advice to help improve their confidence.
“But things are definitely getting better in Wanstead. We thought house prices were going to go down 20 per cent in this area from there peak but it looks more likely to be only 10 or 15 per cent.
“If things continue like this, it is likely they will start to rise again.”
For more information visit: www.pettyson.co.uk or www.douglasallenspiro.co.uk.
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