Property price slump 'exaggerated'

REPORTS of a threatened property price slump in the Uckfield area have been vastly exaggerated, it was claimed this week.

A report carried out for a Sunday newspaper identified Uckfield's TN22 postcode area as one of 25 boom areas nationwide where house prices were most likely to suffer a decrease.

Credit agency Experion said that property values in some parts of Uckfield had more than doubled in the last seven years. Their report also suggested the property market in Isfield was particularly 'overheated'.

However, warnings of a price 'correction' of up to 10 per cent, which could plunge some homeowners into negative equity, were played down by a spokesman for the company behind the report.

Bruno Rost said: 'Our report has been taken out of context by certain reporters. Talk of a massive plunge in property values is vastly exaggerated. We're not looking at a slump, more a modest decline.'

Nonetheless, some of the figures released by Experion a company used by banks and buildings to run credit checks make for startling reading.

According to their report, house prices in the TN22 2 area of Uckfield have risen an enormous 111 per cent since 1995. In the TN22 1 part of town they have leaped 85.2 per cent in seven years, and by 16.7 per cent in the last year.

The property market appears most fragile in Isfield, with house prices still rising despite a drop in sales. Meanwhile, in Buxted, figures suggest a buyers' market, with sales last year up by nearly a half and prices down 7 per cent.

Negotiate

Examples of Experion's figures are:

TN22 1 Sales up 16.7 per cent in the last year. House prices up by 85.2 per cent since 1995 up 15.5 per cent last year. Average house price: 119,740

TN22 2 Sales up 15.3 per cent in the last year. House prices up by 111 per cent since 1995 up 11.4 per cent last year. Average house price: 203,382

TN22 3 (Piltdown) Sales up 2.2 per cent in the last year. House prices up 123.8 per cent since 1995 29.5 per cent last year. Average house price: 342,128

Mr Rost added: 'The figures show we're moving to a buyers market. People should not just rush into accepting the asking price, they should be prepared to negotiate.'

However, estate agents in Uckfield this week rubbished the report. Nigel Siberry, owner of Siberrys, said: 'This is just ridiculous, it's not happening. We have experienced a gentle rise in prices. Some bottom end properties have increased more because people are letting out more but that market is overheated now so it will change.

'The national average for a house is just over 100,000. Are they saying Uckfield is twice the national average? It's rubbish.'

Matt Kelly, senior branch manager of Cubitt and West, added: 'It suprises me. Since week one in January, there's been an influx of people to the area from places like London. I don't know if overheating is the right word, you could say that about anywhere.

'It's supply and demand if people are prepared to pay the prices, you can't say they're over the top.'