There are dozens of property market updates out there, so why should you read ours? For starters, we haven’t packaged it into bog-standard report that looks like it was downloaded from an excel sheet. As a vendor or buyer, you want information about property prices in your area broken down into something that is easily digestable. And that’s where we come in.
We’ve taken a look at the numbers, provided by Nationwide, and unpacked them into a short concise update that hits the spot like a nice Sunday scone. Is your home in an area where prices have seen a large increase? Does it give you something to think about in terms of selling your home?
Butter up that scone, make a nice cup of tea, and get reading to find out how your local area is performing in the UK property market.
The only way is up
Ask any gym buff, and they’ll tell you that it’s all about the gains – no matter how small or large. There’s good news out there for property owners across the land, as house prices rose 0.3% in the 12 months to July 2019. This also accounts for a month-to-month rise of 0.3%.
Ok, so perhaps 0.3% isn’t a figure that makes you stop everything you’re doing and fire off a quick callback request to a trusted estate agent. But in these uncertain times (did some say Brexit?), seeing a monthly and annual increase is by no means bad news for vendors.
Surveyors even report that new buyer enquiries are on the rise, along with the largest uptick in property prices since August 2018. Mortgage borrowing also remains steady. While buyers might not be currently chomping at the bit to acquire the keys to a new home, they are still showing a vested interest in the property market and open to the right type of deal.
Remember, selling and buying property is largely circumstantial. And if Dave and Jenny in Bristol need to upsize to accommodate that second rugrat, he’s not going to let Brexit or any other preconceived notions stop him.
Now you know about the overall landscape of the UK property market, how about looking at the finer details? Which areas are performing above expectations, and is there anywhere that has a “could do better” remark on its report card?
If you happen to be a homeowner in the county borough of Blaenau Gwent, then we’ve got some good news for you. It saw the strongest growth of all areas in the UK, with house prices rising by 17.4%. Torfaen and West Dunbartonshire also saw rises of 12.7% and 10.7% respectively.
In London, however, some areas have seen a decrease, with Ealing and Tower Hamlets recording a 6.5% and 5.5% drop in house prices. On the face of it, such drops might seem worrying. However, it’s important to remember that house prices remain above average in the capital, and London homeowners find themselves in an enviable position. Ealing, for example, still has an average house price of £897,292, according to property website Home.co.uk.
Year on year rises for the UK from July 2018 to 2019
- London, -0.6%
- South East ,-1.6%
- East of England, +1.4%
- South West, +1.1%
- East Midlands, +2.2%
- West Midlands, +2.6%
- North East, +1.8%
- Yorkshire & Humber, +3.1%
- North West, +1.3%
- Wales, +4.3%
- Scotland, +0.4%
Making the right decision
While property price rises aren’t hitting their pre-Brexit highs, there is confidence in the market as it begins to pick up the pace. Whether Brexit was the reason for the perceived slowdown or prices simply hit a natural plateau after such impressive gains is still open to debate.
No matter where you’re located in the UK, the appetite to buy is on the rise. With a conclusion to Brexit finally on the horizon, many people are deciding to sell and buy now in order to secure their long-term property status.
There is never a bad time to sell, but taking advantage of the perceived appetite from buyers means that now might just be the ideal time to sell your home.