East of England property prices have risen by 2.3% in just the last 30 days, according to data released today by Home.co.uk; apparently a result of unprecedented high demand and low supply.
Annual average property rise is 6.9% across England and Wales
The exponential increase has contributed to the annual average property price rise of 6.9% across England and Wales, however the property market in individual regions , particularly the north, are looking decidedly more bleak, with an annual house price change of 0% in the North East and 0.8% in the North West.
Danny Luke, Business Manager at Quick Move Now, commented:
We’ve seen these big headlines regarding property market growth and high prices being driven by high demand and low supply for a few months now. In London and the south east that may be an accurate picture of the current market, but in some other regions we’re still not yet seeing the market buoyancy being promised by national headlines, and it doesn’t look like we’ll see that level of recovery for some time.
When you’re thinking about selling a property it’s important to look at your local property market and how comparable properties are doing. Getting swept along by national headlines can lead to a huge amount of disappointment as unrealistic expectations fail to be met by the reality of the regional property market.
Using online resources such as Zoopla, Right Move and the Land Registry, you’ll be able to see what sort of price other properties in your area have sold for. It’s important to look at the price the property sold for rather than what it was marketed at – in April this year the average asking price on Right Move was £281,000, but the average price of sold property was just £207,000; a gap of £74,000.
Just because your neighbour’s property is on the market with a certain asking price, does not mean either of you can actually expect to sell for that figure, so make sure you remain realistic in the figure you hope to achieve.
If you’re struggling to sell a house in one of the regions performing less well, Quick Move Now could make you a cash offer for your property and have the money in your bank account in as little as 7 days. Fill out our estimate form to get a FREE, no-obligation estimate.