Call Us for a Market Appraisalcontact us today |
Call Us for a Market Appraisalcontact us today |
Find Your Perfect House & Home
|
2017 is already off to a strong start with UK property prices breaking the £300,000 mark for the first time.
Research by property site Rightmove has shown that in the month of January UK home values rose by 0.4% on average, which is the third highest monthly rise for property values since 2015. This new year jump has taken the national average to £300,245, breaking the £300k mark for the first time.
Asking prices were also up, with an average 3.2% rise year on year across the nation, but still quite varied from region to region. As expected, the South of the UK saw the largest jump with the South East rising by 5.5% year on year to £404,804 and Greater London rising by 2.3% year on year to £624,953.
Director at Rightmove, Miles Shipside said: “The 0.4% monthly and 3.2% year-on-year price increases are indicators of the continued market momentum from the autumn.
“Demand for a suitable home is such that visits to the Rightmove website are still up by 5% year-on-year, despite being compared to a period that was boosted by high demand from buy-to-let investors rushing to beat the stamp duty deadline."
Miles Shipside also pointed out that “Year-on-year comparisons for transactions in the first quarter of 2017 should also allow for the distortion of last April’s additional stamp duty tax deadline, as transactions were up 40% in the first quarter last year.”
There has also been a rise in supply of smaller properties hitting the market as it has seemingly cooled down from the property investor perspective, as many acted quickly almost a year ago to beat the stamp duty hike.
This could be a huge benefit to first time buyers, a sentiment backed by Shipside as he stated. “Those planning to buy their first home in 2017 have more choice of properties and less competition from other buyers than their counterparts a year ago. It’s a possible learning point for aspiring first-time buyers that a year ago buy-to-let purchasers acted more quickly and closed deals at a faster rate, appearing not to take a Christmas break.
“Admittedly they had the financial incentive of a deadline to motivate them, but first-time buyers still have time to act and currently have the incentive of stronger negotiating power to try and mitigate the upwards trajectory of property prices.”
Contact us
West Bridgford
3 Fountain Court, Gordon Road
West Bridgford
NG2 5LN
Keyworth
7 The Square
Keyworth
NG12 5JT
Sales: 0115 981 1888
Email: [email protected]
Lettings: 0115 914 1122
Email: [email protected]
Property Management: 0115 982 4949
Ashby-De-La-Zouch
4 Bath Street Corner
Ashby-de-la-Zouch
LE65 2FH
Sales and Lettings
Telephone: 01530 443 443
Email: [email protected] [email protected]
Wolverhampton
568 Penn Road
Wolverhampton
WV4 4HU
Sales and Lettings
Telephone: 01902 338 185
Email: [email protected] [email protected]
Property Management
Telephone: 01902 338 185
Email: [email protected]
Please note that calls may be recorded for training and quality purposes.
Royston and Lund are independent, award winning Property Specialists with branches in Ashby de la Zouch, Keyworth, West Bridgford and Wolverhampton. We are passionate about the service we offer and are proud to employ the most experienced and professional group of people in the area.
2019 © Royston & Lund Estate Agents. All rights reserved. Terms and Conditions | Privacy Policy | Cookie Policy | Complaints Procedure
Royston & Lund Estate Agents Ltd. Registered in England. Company No: 4239895. Registered Office Address: 3 Fountain Court, Gordon Road, West Bridgford, Nottingham, NG2 5LN.
Built by