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26th April 2017
With the recent news of a June 8 general election, many potential UK home sellers are wondering whether this is the right time to get on the market. After all, it seems possible that buyers will hold off investing until the economic future is more certain.
The most recent house price index from Rightmove, however, suggests that there’s no time like the present for making a great sale. The figures speak for themselves.
With the average price of properties increasing by £3,547 to £313,655 in April, we’re seeing a record high. This figure significantly exceeds the previous high of £310,471, which was set in June 2016.
The South East in particular has seen a 1.3% month-on-month increase in house prices, from £413,059 in March 2017 to £418,489 in April 2017. This follows a gradual annual increase of 2.6%, compared to an average price of £407,686 at the same time of year in 2016.
This record increase is a result of high buyer demand across the country. In fact, the number of sales agreed in April is at its highest since 2007, before the credit crunch.
In part, this 10% year-on-year increase is due to a sudden drop in sales last year after the increase in stamp duty. However, we have also seen a 3.8% increase on 2015’s figures, showing an overall steady increase over the last decade.
First-time buyers are driving much of this market growth, with a 6.5% year-on-year increase on properties in this sector. This shows that significantly more first-time buyers have been able to get their foot on the ladder this year, boding well for future development.
It should be noted that despite these increases, the overall pace of property price increase is continuing to slow, with prices rising by 1.1% month-on-month, as opposed to an average 1.6% at this time of year over the past 7 years.
The gradual slowing of price rises is linked to increasingly stretched buyer affordability. As a result, sellers have had to be less over-ambitious with their pricing in order to make a successful sale.
This makes it more important than ever to get a strong valuation from a trusted property expert, ensuring that your original asking price will be met or exceeded, and allowing you to take the next step all the more quickly.
Regardless of whether June’s election sees a drop of interest in the housing market, demand looks to remain strong. New-build supply is still struggling to keep pace with the increase of UK household numbers, meaning that there will continue to be more buyers than properties available.
With 18 years of experience in Brighton and Hove, we’re eager to share our local market knowledge with you. If you’re considering selling your home, we’re here to help you take advantage of current market trends and maximise your property’s potential.
Get in touch with us now for impartial market advice, or check out our seller’s guide to get the ball rolling.