What’s happening in the property market – June
The average asking price of property nationally is £294,351 according to Rightmoves’s monthly house price index, which is up 3.0% from last month and up a whopping 4.5% on last year.
This showed potential confidence in the new majority government with more property coming to market at an all-time high.
In the East of England the average asking price was £309,407 – up by 1.9% since last month and 6.9% since this time last year. Our area remains stable with asking prices steadily growing reflecting their demand.
Nationwide’s house price statistics show the average national selling price for May was £195,166 which was up 1% on the previous month and an annual change of 4.6%. They report that cash purchases have reached an all-time high during Q1 of 2015 even though mortgage lending remained relatively subdued. Average stamp duty payable in our region is likely to fall by around 20% due to the stamp duty changes announced in the Autumn statement.
Chris Plummer, Relationship Manager at Tortoise says the nationwide index closely matches the average price in Peterborough. We have seen a number of new instructions in the last month and also agree that the majority of these instructions are coming on to the market at a higher price than in the first quarter of the year.
With market confidence rising, more vendors may be willing to sell, especially those that previously could have lost out due to lower asking prices.
The Guardian reported that during 2014/15 a record 12,300 of social homes were sold off with local authorities only putting back 1,903 new builds, so the market will be watching carefully as the Right to Buy scheme has been extended by the government.
Here in Peterborough our market is buoyant, both sellers and purchasers have confidence in the market adding more homes for sale. Check out www.tortoiseproperty.co.uk to see some of our properties and services.
Talk to one of our professional Relationship Managers to see how we can help you buy, rent, sell or let on 01733 592020. #soldyourway