The average home price in England and Wales is now just under £300,000, as buyer activity increases and supply remains low, according to Home.co.uk.
The last year has seen significant improvement in the North, where previously stagnant regions are now experiencing greater demand and consistently weak supply is encouraging a steady increase in prices.
Wales, however is still experiencing the slowest growth, with just a 1.9% price increase in the last year, despite an 11% drop in the typical time on market, which now sits at 132 days.
Overall, England and Wales are still experiencing a shortage of housing supply, and that shortage is a key driver in increasing property prices. This is especially true in the East of England, where it is estimated that prices have risen by nearly 13% in the last 12 months.
Experts predict, however, that this level of growth is unsustainable, and price rises will level off next year.
London is still performing well, but things have cooled off a little, thanks to a significant increase in supply.
Overall the average property asking price in England and Wales is up 7.5% on May 2015.
Quick Move Now’s managing director, Danny Luke, commented:
As a whole, the figures released by Home.co.uk are encouraging, but as always it’s important to remember that these are headline stats, and the property market performs very differently from region to region, and sometimes even from street to street.
The key to the challenges in the property market at the moment is a lack of supply in some areas and a lack of demand in others. The East of England is seeing impressive growth due to a shortage of housing stock, but many areas of Wales are still experiencing significant struggles as stock remains fairly buoyant and demand remains moderately low.
If you’re thinking about selling a property it’s important to do thorough research in order to get a realistic idea of what your property is worth. Estate agents are renowned for intentionally overvaluing property in order to get a property on their books, but there’s now a wealth of information available online on sites such as Rightmove and Zoopla which can tell you what properties nearby have sold for recently so you can do a comparison of similar properties and get an idea of what your property’s true value might be.
If you’re planning to sell your property on the open market, make sure you shop around when it comes to estate agents and select one that has significant experience of selling similar properties and knows your target market. If you don’t want the hassle of selling on the open market, remember that Quick Move Now are able to buy your property using our own cash funds on a date that suits you, and make your move stress-free.