During the month of June both pre and post Brexit the momentum of the housing market pushed the price of property to an all-time high of £310,471 with the lack of supply meaning time to sell has been taking as little as 57 days.This demand is being driven by record low mortgage rates and a market that is seeing continuing price rises.
The house price index on Rightmove shows the average national asking price of property is as above – £310,471 which is up 0.8% from last month and 7.8% on last year.
In the East of England the average asking price was £338,499 – up by 1.2% since last month and up 9.4% on last year. Greater London is the only area that has seen a downturn in price which is 0.25% for the month and 4.8% annually. Here, around Hampton we have some great starter and family homes, our own records show that some houses of this type are seeing price rises in the last 12 months of up to 15%. Locally this has not dampened enthusiasm for purchasers to buy in the local area.
Rightmove wrote that nationally more instructions for two and three bedroom properties were coming onto the market for sale while those in larger homes (four or more bedrooms) saw a reduction in instructions by an average of 6.6%. Here in Peterborough we don’t see too much of that with family homes in Hampton coming to market and peaking the interest of our social media channels. Certainly in this uncertain world we are living in (post Brexit) being in control of the house you buy and mortgage you choose are two things that will have a positive impact on anyone’s future.
Figures published by the Bank of England showed UK lenders approved 67,042 mortgages for house purchases in May, up from 66,205 in April. Borrowing still remains buoyant with some great mortgage deals to be had. If you’re looking to remortgage or purchase a property please don’t hesitate to call our Relationship Manager Chris Plummer on 01733 592020.
Nationwide’s house price statistics for June show the average national selling price was £204,968 which was up 0.2% on the previous month with an annual change of 5.1%. It is important to note that these house price statistics don’t include cash purchases. The Office for National Statistics and The Land Registry are combining to provide a full UK House Price Index.
To view the latest UK House Price Index follow the link below:
https://www.gov.uk/government/publications/uk-house-price-index-april-2016/uk-house-price-index-april-2016
Chris Plummer Relationship Manager at Tortoise says “The Brexit vote currently has had no effect on the local market. We would normally see a ripple effect from the London market that would eventually affect us here in Peterborough. However, the slow down in London is affecting the top end of the London market rather than the overall market, which if it occurred would eventually affect us here.”
Demand in Hampton for property is high, so if you are considering bringing your property to market give us a call on 01733 592020 to see how our 12-week Marketing Plan can work for you.
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