Overall it predicts total growth of 28.7% over the next five years. Prime central London price growth is set to average 8% per annum growth between 2013 and 2017 but East Anglia is expected to be a strong performer, outdoing London and the south of the country.
Despite the extended winter and concerns about the economy lurching back into a triple dip recession, the sector saw an increase in transaction numbers and house prices as well as a significant improvement in consumer confidence due to banks offering record low fixed rate deals and the introduction and extension of various Government initiatives.
The combination of these factors has helped boost activity in the market, acting as the much needed catalyst to release the pent up sales demand from aspiring buyers who have been waiting to seize the right opportunity.
‘There has been a notable uptick in market activity so far this year, in no small measure due to the greater availability of record low mortgage deals,’ said Nick Barnes, head of Chesterton Humberts' research department.
‘We have seen green shoots flatter to deceive before, however, this time around the level of consumer confidence appears more robust and if favourable mortgage finance remains available, the long awaited recovery may at last be sustained. What we need in tandem with this upswing, however, is an increase in housing supply to mitigate any potential price bubble,’ he added.
Chesterton Humberts' is predicting that East Anglia will outperform London for the first time since August 2005, enjoying average increases of 6.3% per annum between 2013 and 2017, compared to London's 6.2%.
Prime London is set to average 8% annual growth as it continues to exert a disproportionate influence on overall price growth in the capital, driven by strong international demand and short supply.
Despite the South continuing to outperform the rest of the country, Chesterton Humberts also projects that total growth in the other regions will all improve with East Midlands and Yorkshire and Humber increasing to over 25% followed by West Midlands at 19.6%, the North West by 18.3% and the North East by 11.8%.
Meanwhile, the firm has announced the opening of its second Spanish office in Sotogrande, a popular second home destination for families and sporting enthusiasts. The new office is the latest in a string of recent openings in Europe for the company which is says is due to continuing demand for European property amongst international buyers.
Partnering with Noll & Partners SL, an established agency set up 13 years ago to cater to demand from buyers from the UK and other European countries, the new office opening will bring a variety of luxurious Spanish properties to the UK market whilst offering local buyers and sellers access to an extensive international network.
Charles Gubbins and Stephanie Noll are the founding partners of Noll & Partners SL and directors of the new Chesterton Humberts branch.
Sotogrande is the largest privately owned residential development in Andalusia and has fast become a popular destination amongst second home owners. Famous visitors include polo players Cambiaso and Sterling as well as Prince Harry and the Duchess of York.
The area has six world class golf courses, 11 polo fields and one of the best international schools in Spain. It is also known for its pretty towns and villages, traditional Spanish food and beautiful views of the sea and hills.
‘We are very excited to be operating in Sotogrande, now that we have found partners in Stephanie Noll and Charles Gubbins who are clearly committed to the area, have vast experience in the ins and out of the local market, and present the gravitas Chesterton look for in local partners,’ said Tim Brown, head of international at Chesterton Humberts.
The new association will operate under the joint names Noll & Partners & Chesterton, and will be located at the Sotogrande Port.