House prices soar in Epsom, Ashtead, Tadworth and surrounding areas

This Is Local London: This home in Tattenham Crescent went over the asking price Photo: Cairds Estate Agents This home in Tattenham Crescent went over the asking price Photo: Cairds Estate Agents

House prices are soaring in this area by up to one per cent a month - fuelled by buyers from London, a shortage of properties and low interest rates.

Surrey house prices increased more than five per cent last year according to the Land Registry but local estate agents have seen much bigger rises and are predicting increases of up to 8 per cent this year.

Jackie Quinn, director of Jackie Quinn Estate Agents in Ashtead, said prices are rising "incredibly" with some buyers now offering 10 per cent over the asking price.

Ms Quinn said: "I have never seen it like this. It’s just like the central London market. We have got lots of viewings and lots of offers on everything. It’s just phenomenal.

"Lots of people are moving down from London because they cannot afford prices there. There are not enough properties coming on, but when they do they are going over the asking price."

She said they recently sold property in the popular Lanes area after about 40 viewings and 20 offers.

This Is Local London:

This cottage in Beaconsfield Place, Epsom, already has multiple offers 

Simon Caird, managing director of Epsom’s Cairds Estate Agents, which had 15 sales last week, said: "At the moment there seems to be a monthly change of up to one per cent.

"The market is showing good, positive signs but one must not get carried away. We must temper all the positivity with the fact people still need to earn money to afford all this."

From April lenders must "stress test" mortgage applicants to see how they would cope with an increase in interest rates while a number of sellers cannot find another home to complete the chain.

Mr Caird said: "It’s positive, there are loads of buyers around but it comes back to people’s ability to purchase property and what they can actually borrow."

He said a Tattenham Crescent home recently went over the asking price after multiple viewings and a flat in Beaconsfield Place had already had 22 viewings and eight offers.

This Is Local London:

Jackie Quinn at Jackie Quinn Estate Agents in Ashtead

The average price of a house in Surrey now stands at £320,102, compared to £409,881 in the capital and £168,356 across England and Wales.

But Douglas Hooker, partner at Patrick Gardner Residential in Ashtead, said he has seen house prices rise by up to 10 per cent in the last year.

Mr Hooker said: "I think we will continue to see a strong market at least until interests rates go up around election time next year.

"We are seeing a lot of people move down from London. They know Mole Valley is a good place to live with good schools and train links."

This Is Local London:

Simon Caird at Cairds Estate Agents in Epsom

He said the "distinct" lack of supply was pushing prices up while foreign investment in London had a knock-on effect in Surrey.

He said a house in Culverhay, Ashtead, received multiple viewings over the first weekend and they achieved the asking price for a house in Taylor Road after multiple offers.

In Tadworth Andrew Bartlett, from Bartlett and Cooke estimated that prices will rise between five and eight per cent this year after having risen about 10 per cent last year.

This Is Local London:

This house in Taylor Road, Ashtead, received after multiple offers

Mr Bartlett said: "Most buyers are moving within the local villages or coming out of London. The market is very buoyant at present but buyers are still price sensitive."

He said properties worth £200,000 to £500,000 were most in demand.

Robin Goddard, South East residential market spokesman for Royal Institution of Chartered Surveyors, said house prices are forecast to rise 7 per cent this year but the number of buyers had dropped off in the last two months.

Mr Goddard said: "This is partly a reflection of the fact that people were less inclined to want to go out and look at houses, because of the weather but also because people were being slightly put off because of the lack of new properties coming to the market."

This Is Local London:

This home in Culverhay had multiple viewing over its first weekend

Ahead of Wednesday’s budget announcement, he said: "If the Chancellor increases funding under the Help to Buy scheme, yes it might increase the number of potential buyers and push demand even higher but it might also encourage those who have thought about selling, but have put it off because of the state of the market."

Comments (1)

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9:04am Thu 20 Mar 14

EwellMan says...

I reckon my house in Ewell has risen by 30k in 6 months.Whilst thats good for me, i feel for my children, what hope have they of ever being able to purchase their first house?
A bank will give a single person a 5 x your salary mortgage, so even if you are earning 40k a year you need to have a deposit of 50 to 80k just to be able to buy a 2 bed flat.
This with massive cost of living increases and wages that have been pretty much frozen for the last 5 years means a serious issue to come.
I reckon my house in Ewell has risen by 30k in 6 months.Whilst thats good for me, i feel for my children, what hope have they of ever being able to purchase their first house? A bank will give a single person a 5 x your salary mortgage, so even if you are earning 40k a year you need to have a deposit of 50 to 80k just to be able to buy a 2 bed flat. This with massive cost of living increases and wages that have been pretty much frozen for the last 5 years means a serious issue to come. EwellMan
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