UK house prices have reached an average high
When it comes to property prices, over the last year we haven’t had many opportunities to give good news, especially in the wake of the Brexit vote, but today we intend on bucking that trend!
It seems that property asking prices have recovered from the blip encountered post-Brexit; they’ve reached their highest average price since June 2016.
Property prices are on the up
In April, the average asking price for properties in the UK was £313,655, a 1.1% increase compared to March. According to Rightmove, the average asking price saw a month-on-month increase of £3,547 between March and April. The current housing price broke the previous peak which occurred in June 2016 before the Brexit vote, with house prices averaging £310,471.
Not only are house prices rising in the short-term, but, we’re also seeing long-term improvements, prices are up 2.2% and more properties are being sold than at almost any point since the financial crisis in 2008. It is likely that the current strength of the housing market will help the industry remain stable despite the uncertainty of the surprise general election.
While the average UK housing price is up in general, some areas of the UK are faring better than others. In London and North East England for example, property prices have dropped over the last year. London saw a property asking price decrease of 1.5%, with asking prices averaging at £636,777 – which is still much higher than the UK average.
However, Wales and the East of England have fared much better, with a house price growth of 4% and 5.3% respectively. If you are looking to sell your Cardiff-based property, now is a great time to do so, and as Cardiff’s largest estate agent, we have the skills and local knowledge to help you sell your home quickly and achieve the best return on investment.
Property market has yet to stabilise
It’s not all good news though, in fact, there are signs the market is slowing, despite the improvements that we have seen compared to 12 months ago. The annual pace of house price increases is actually at its lowest in 4 years. That being said, the number of sales agreed is up 3.8% compared to 2 years ago. While the housing market may not be in perfect condition currently, it is far from being in crisis, and is actually extremely healthy.
Despite the fear some people have about the state of the housing market, especially in the wake of Brexit uncertainty, and now the uncertainty surrounding the next general election, it seems that now is a viable time to sell your property if you were planning to do so.
As one of the largest estate agents in Cardiff, at CPS Homes we have the knowhow to get you the best price for your property, and our professional sales team has the experience to successfully market your property and take the stress of selling a property away from you. For more information, call us on: 02920 454555, email: enquiries@cpshomes.co.uk, or pop into our branches in Roath or Cathays.
