In the run up to the summer holiday season this month here at Tortoise we notice that the momentum is still there as many buyers want to ensure they get the best of the available properties whilst still taking advantage of great mortgage rates.
The house price index on Rightmove shows the average national asking price of property is £307,824 which is down 0.9% from last month and up 4.5% on last year.
In the East of England as usual we are above the national average asking price which here is £336,176 – down by 0.7% since last month and up 7.3% on last year. Nationally each area has seen a small decrease in asking prices but this is not stopping sellers bringing property to market.
The message in this month’s report is for sellers to price competitively in order to sell as buyers are still naturally feeling a little uncertain with the current economic situation and potential implications of Brexit. The good news is that mortgages deals are still available with great low rates.
Figures published by the Land Registry showed 82,500 residential sales were recorded during the month of June, 9,000 of which were new builds. Post Brexit the First Time Buyer market has not been impacted Propertywire report. The fact is though that average price of a home for a first time buyer has increased by 28% over the last four years.
Nationwide’s house price statistics for June show the average national selling price was £205,715 which was up 0.5% on the previous month with an annual change of 5.2%. Nationwide report that there was a decline in RICS (Royal Institute of Chartered Surveyors) new enquiries and watching how the labour market performs over the coming months will be an indicator of how the housing market might perform too.
Chris Plummer Relationship Manager at Tortoise says “We have seen a steady summer sales market in Peterborough. Considering that we have seen both Brexit and a stamp duty rise prior to the summer market the transactions levels we are seeing are encouraging with the autumn sales season approaching. We are seeing a steady number of houses coming to market and are still experiencing sales on the majority of these homes within our 12 week marketing plan”
Here in Peterborough the market seems to be buoyant and so if you’re thinking of selling your property give us a call on 01733 592020 to see how our 12-week Marketing Plan can work for you.
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