Latest Property Prices
The latest report from Rightmove on the selling price of property across the UK shows that the average asking price for property coming to market in the UK has hit a record high. Nationally the average asking price was up 1.1% to £313,655, exceeding the previous high of £310,471 set in June 2016.
Add into this that the previous month saw the highest number of sales agreed at this time of year since 2007, before the credit crunch.
Growth is particularly strong in the first time buyer sector. This could well be due to the fact that mortgages are more affordable now than they have been for a very long time.
Strong activity in the lower end of the market is good news for everyone as it stimulates sales across all price brackets with higher levels of mobility.
The national map of average house prices makes very interesting reading with all areas, other than Greater London showing a month on month increase. In fact, London is the only part of the country where average asking prices fell in the Month of April where they dropped 2.5 in the month.
Greater London is also showing a year on year decline of 1.5% in the average asking price of a property.
The only other part of the country showing a year on year drop is the North East where the average asking price for a property in April 2017 was £150,350 compared to £151,495 in April 2016.
How is the South West Doing?
In April 2017 the average asking price for a property in the South West was £304,370 compared to £294,835 in April 2016. This means we have seen an annual increase of 3.2% in the year and 2.8% in April 2017 alone.
On the face of it this is good news for the property sector in the South West as it is performing well compared to other parts of the country.
The South West of course is a very big area and local differences exist within the 7 counties.
The different bands of the housing market are also seeing different trends.
One thing that is consistent across the South West though is the lack of new stock coming to the market. It is a highly competitive market place just now. Especially in the sub £1m price bracket.
This is where local knowledge is key and a professional Property Search agent can save you months of time and £1,000’s during your search.