The average asking price of property nationally is £294,351 according to Rightmoves’ 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 market even though we have a referendum on the horizon 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.
Mike Matthews, Property Manager at Tortoise says “The current demand for residential homes is very strong, this strength is born from the fact that there is a slight decrease in properties that are available to buy. However, finance is still readily available to buyers with good credit backgrounds. Nationally we are seeing pockets of areas that may be hitting the top of their respective markets, but in Peterborough there still seems to be room for growth in property prices over the next 12 months.”
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 and when, if ever more social housing will be made available.
Here in Peterborough our market is buoyant and sellers have confidence in the market adding more homes for sale. Check out www.tortoiseproperty.co.uk to see some of our properties and services.
Here is an example of how we present our properties:
As for our bespoke plan to sell your property, here’s some further information on our 12 week plan:
Talk to one of our professional Relationship Managers to see how we can help you buy, rent, sell or let on 01733 592020. #soldyourway