Post Brexit the housing market has been watched studiously for movement either up or down. Well right now according to Rightmove it is a positive picture with seven of the 10 regions having seen rises in asking prices compared with eight regions that saw a reduction in asking prices last month.
The house price index on Rightmove shows the average national asking price of property is £306,499 which is up 0.7% from last month and up 4.0% on last year.
In the East of England as usual we are above the national average asking price which here is £337,252 – up by 0.7% since last month and up 7.9% on last year.
Nationally the picture being painted doesn’t look too hopeful when buyers are trying to buy from limited stock which in turn forces the prices up. Here in Peterborough and most definitely around the Hamptons the supply of new housing in addition to existing properties being marketed for sale means the supply locally is constantly being updated which provides new properties for buyers on a weekly/monthly basis.
The second steppers are faring a bit better nationally with a monthly rise in asking prices of just 0.5% which is an annual change of 5.2% compared with the 10.5% rise for first time buyers.
Nationwide’s house price statistics for September slowed with 0.3% increase on the average national selling price making it £206,015 with an annual change of 5.3%. The Nationwide report that new home builders should be confident in the new home market due to continued low interest rates however a close eye must be kept on the rate of inflation in the UK.
If you’re currently looking to upsize or downsize to a new property, it is important to choose an agent who can sell your property quickly while also achieving the required asking price. This is due to the fact that new build sites will normally only reserve a property for 28 – 30 days. On average in 2016 we have sold a range of properties on average in 26 days at an average on 99% of the advertised asking price.
Data correct as of 24/10/2016 and found at www.estateagents4me.co.uk
Chris Plummer Relationship Manager at Tortoise says “As we approach the end of 2016, we see the Abbey Homes & Cala Homes developments emerging. In addition the developments adjacent to Hampton Centre/Hampton Vale which will start in early 2017, these will provide a surge in the local market of available property, coupled with the fact that 60% of Hampton residents move within Hampton means at the start of 2017 we should see a very buoyant and fast moving market. Having achieved a 94% instruction to sale ratio to date in 2016,(data provided by estateagents4me.co.uk correct as of 24/10/2016) if you see a property that peaks your interest then it’s best to instruct an agent which can sell your current property quickly and at the price you would expect. I believe we are the right agent to fulfil these expectations.”
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If you’re thinking of selling your property check out our free instant online Valuation tool or give one of our Relationship Managers a call on 01733 592020.
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