Press & media coverage

Air conditioning can add more than £20,000 to the value of a home, but properties with built-in air con remain rare in the current market, according to research from Benham and Reeves.

Marc von Grundherr, director of Benham and Reeves, said: “Flat house prices aren’t enough to suggest the market is losing momentum. Housing has never moved in a straight line and short-term fluctuations are part and parcel of a healthy market. It’s the long-term trends that tell stories, and in this case annual house price growth has edged higher.”

Estate agents say the days of simply putting a property on the market and expecting a bidding war have disappeared. Marc von Grundherr, director at Benham and Reeves, said affordability had become "the defining force" in today's market.

Marc von Grundherr, Director of Benham and Reeves, says: “Affordability has become the defining force in today’s market and it’s no coincidence that London is feeling the greatest impact. Higher mortgage costs, coupled with already elevated purchase prices, mean buyers are taking longer to commit and becoming far more discerning."

Agents said the figures should be a wake-up call to sellers not to price their properties greedily. Marc von Grundherr, director of Benham and Reeves, said: “Sellers can no longer rely on yesterday’s pricing and timeline expectations. Those who price sensibly from the outset will continue to attract serious buyers, while those chasing last year’s values risk watching their property linger on the market.”

“A dip in mortgage approvals shouldn’t be mistaken for a loss of buyer confidence”, Benham and Reeves director Marc von Grundherr cautioned. “Fluctuations are inevitable, particularly against a backdrop of ongoing political and economic uncertainty."

Marc von Grundherr, director of Benham and Reeves: “Affordability has become the defining force in today’s market and it’s no coincidence that London is feeling the greatest impact. Higher mortgage costs, coupled with already elevated purchase prices, mean buyers are taking longer to commit and becoming far more discerning."

Research by Benham & Reeves showed that only 1.2% of homes listed for sale in England include air conditioning, with London slightly higher at 2.3%. For those considering installation, Malnick says: “Air conditioning costs can vary depending on the system size. For example, a split-system air conditioner for a single room can cost between £1,300 and £2,000, including installation, but whole-house systems typically start at £10,000.

Marc von Grundherr, Director of Benham and Reeves said “A decline in mortgage approvals is unlikely to dampen the wider recovery we’re seeing across the housing market. Monthly variation is expected and the housing market rarely moves in a straight line. The bigger picture remains encouraging. We’ve seen demand strengthen steadily this year, supported by more competitive mortgage rates and a growing sense of stability. Buyers have become far more willing to press ahead with their plans, recognising that waiting for cheaper borrowing costs may no longer be worthwhile."

Fewer than 2% of homes for sale in the UK are available with buyer support schemes, new research reveals. Analysis from London estate agent Benham and Reeves shows there are currently only 11,036 of homes for sale with buyer support schemes attached. Given that there are currently 611,443 homes available for sale across Great Britain, supported properties account for 1.8% of all available stock.