The school holidays are in full swing now and with the fabulous weather this year more people are enjoying holidaying at home. The number of properties coming to market has jumped 8.6% compared to this time last year. According to Rightmove the number of sellers reducing their asking prices is at the highest since this quarter in 2011. This is why when we come to value your property we take several factors into consideration to price your property to attract buyers and sell.
The house price index on Rightmove shows the average national asking price of property is £309,191 which is down 0.1% from last month and up 1.4% on last year. The East of England average asking price saw an increase of 1.1% to £356,235 up by 1.6% on last year. The average time to sell in the region last month was 56 days according to Rightmove.
First time buyers house prices saw a decrease of 0.1% to £191,272 whilst the second steppers saw a 0.5% increase this month making the average asking price £276,805 – that is up 1.8% annually.
Average national asking prices in July according to the Nationwide House Price Index were £217,010 that is up 0.6% from last month and up 2.5% on last year. Nationwide report that house prices saw a slight increase in June. Taking about a potential rise in interest rates they said “It is looking increasing likely that the Bank of England’s Monetary Policy Committee (MPC) will increase rates at their next meeting on 2nd August. Clearly, much will depend on the Committees’ assessment of the outlook for growth and inflation, but most economists and investors expect Bank Rate to be increased from 0.5% to 0.75%. Providing the economy does not weaken further, the impact of a further small rise in interest rates on UK households is likely to be modest.”
If you are looking to buy or sell then why not give us a call. We are experts in the local market and have an in-house mortgage advisor too, whether you are a first time or second stepper, landlord or looking to downsize. Every client is assured the same level of service and expertise. Just give us a call on 01733 592020.