National Property Market News May 2019

It’s May and here we are enjoying a month of beloved bank holidays when people get out into the garden and brush off the BBQ. A recent article in Propertywire mentions that landscaped gardens can increase the value of a property considerably, so perhaps that is something to consider if you are thinking of selling. Propertywire also reported that the Help to Buy scheme involved a thousand home sales per week in 2018. Good news for those first time buyers.

The house price index on Rightmove shows the average national asking price of property in April was £305,449 which is up 1.1% from last month and up 0.1% on last year. The East of England average asking price increased by 0.8% to £351,759 which was down by 0.5% on last year. The average time to sell in the region last month was 69 days according to Rightmove.

In April, house prices for first time buyers saw an increase of 0.7% to £190,920, perfect if you are looking to get on the housing ladder. Second steppers saw an increase of 0.8% this month making the average asking price £275,573. Each month we see the figures in this section rise steadily so if you are thinking of buying now is the time.

National asking rents in Q1 2019 are £796 with the East of England in at an average of £926pcm that is 1.8% higher than last year. The upcoming Tenant Fees Act will cap rental deposits to five weeks of rent in England.

Average national asking prices in April according to the Nationwide House Price Index were £214,920 that is up 0.9% on last year. Nationwide report that “the number of mortgages being taken out by first time buyers has continued to approach pre-financial crisis levels in recent months.” Very good news if you are looking to take your first step onto the property ladder.

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.