New statistics released this week suggest that despite years of stories of spiralling house prices across the media, the opposite might be true in most areas.
At this time of year, there is usually a spike in house prices as demand pushes prices up, with people keen to complete the process and move before Christmas. That hasn’t happened this year, and statistics suggest that house prices have fallen. The average price for a new listing in the UK is £310,000, which is down 1.2 per cent or £3,660, according to data released by Rightmove.
London’s prices have also dropped, affecting the overall figures. In London, the average house price is now £610,912, down £18,358 or 2.9 per cent, led by boroughs like high-end Kensington and Chelsea, where figures are much higher.
Naturally, there are areas that buck the trend. Perhaps surprisingly, the North East has seen an increase, with Yorkshire and the Humber noting rises of 0.5 and 0.2 per cent respectively.
There is no drop in demand for housing, however, and sales are up across the country. The advice for potential sellers is to be prepared to lower their expectations about price as buyers are finding themselves stretched. It’s not as bad as “priced to sell” yet, but it’s more about being realistic and not asking for “silly” money and therefore generating more interest from the right audience.
Don’t be blinded by historic stories or pricing; things have definitely changed in recent years since the very buoyant early 2000s, and the threat of the looming Brexit has meant a lot of people are very nervous about the future.
To get an accurate picture of what’s going on in your local area, chat to a local estate agency like Bath Estate Agents Pritchards http://www.pritchards-bath.co.uk. There will always be local pockets that stand firmer, for example, in the catchment of a particularly strong school or those with good transport links.
If you’d like advice on getting a mortgage, contact your bank or building society or an expert like the Mortgage Advice Bureau.
If you’re thinking of moving or putting your house up for sale, do some sensible local research. Think realistically about what you might get for your home and how much you’ll need to buy your next place.