The latest figures from Nationwide’s House Price Index have made an optimistic turn with an annual increase of 2.6%, up from 2.1% last year and a monthly rise of 0.2%.
After two months of declining figures, house prices have finally made a positive return lifting the annual house price across the UK to £213,000, up from £211,625 in March, which is reassuring for homeowners as the busy Spring selling period goes into full swing.
These latest numbers follow suit with several other indexes showing an encouraging jump in property values across the majority of the UK, while first-time buyer figures have once again reached pre-crisis levels.
Since the later months last 2017 and a surprisingly high January, there hasn’t been such a positive increase in property prices and this month’s figures continue to show that the UK’s market continues to be strong despite a couple bumps in the road.
In addition, house prices are also expected to continue in this upward trend over the course of 2018.
Although cash buyers account for a third of the property market, there has been a slight drop in cash buyers over the past year and a half, which is likely due to increased Stamp Duty levies on second homes. It is no surprise that London and its surrounding areas have suffered a drop in cash buyers as the property values are highest in these areas of the nation.
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After two consecutive months of declining price growth, yet another industry source is reporting a positive uplift in house prices. With mortgage affordability coupled with an influx of stock and a seasonal uplift in buyer demand, it’s extremely likely that the market uncertainty caused by previous political influences will now evaporate in the spring sunshine with a renewed optimism in the market.
Those that have been considering a property sale or purchase but have remained on the fence due to wider market conditions, should be reassured that the market has turned a corner and will continue to do throughout the remainder of the year.Russell Quirk