What are the House Prices in My Area?’ What Homeowners Need to be Aware Of
Have you ever thought, ‘I wonder what the house prices in my area are?’ It’s a question that every homeowner has asked themselves at one time or another.
The last 12 months has seen the property market fluctuate from optimistic views of sustained buoyancy to more cautious ones of year-on growth trepidation. 2016 saw two significant factors effect homeowners asking the UK-wide question of what are the house prices in my area? Stamp duty and the changing European political landscape.
With comprehensive knowledge of the house prices in your area, and the present state of the UK housing market, Springbok Properties can help you understand how you may be affected and what to learn from the house prices sold in your area.
The Economy and the House Prices in My Area
The uncertainty of the referendum and subsequent decision to leave the European Union has triggered a dip in consumer confidence as the UK enters a period of transition whilst it adjusts to existing outside the European Union.
The Office of National Statistics Official House Price Index which details the prices paid for homes across the UK, and is published monthly, demonstrated that the annual growth of house prices slowed from 9.3% in June 2016 to 6.9% in October. This resulted in UK buyer numbers rising after the referendum. This means that Springbok Properties has the potential to sell your house fast for up to 99% of its true market value quicker than pre-Brexit.
To answer the what are the house prices in my area question, homeowners must be aware of all the different factors that factor into a house price. Zoopla, RightMove and Primelocation offer historical and current house prices of homes across the UK.
With thorough understanding of how Brexit will affect house prices in my area, and how to ensure that you achieve the very best price for your home, call Springbok Properties today on 0800 068 4015 and speak to one of our knowledgeable customer service team.
The Luxury Market and House Prices in My Area
Perhaps the area of the property market that has experienced the most lethargic sales is the high-end. House prices in my area homeowners of the luxury market have seen sales steadily decline over the course of the last 12 months.
Property economists believe that changes to stamp duty has forced many homeowners to reconsider buying a property priced at more than a million pounds. This decline in sales has caused sales in certain areas of the UK to decline, leading homeowners to ponder on the house prices in my area.
Luxury properties in central London seem to be the most affected. Savills, one of the largest global estate agents with 700 locations worldwide, recorded that luxury property prices were down 5% compared to the previous year with prime property prices falling 9%. Prior to listing a property in the luxury market, its paramount that homeowners check the house prices in my area.
Developers are now focusing on developing smaller and cheaper apartments, with house prices sold to buyers that can afford the purchase cost. This has led to a general reduction in the luxury market.
The North-South Divide and House Prices in My Area
Property price growth has been largely driven by the south and south-east of England over the last 12 months, however there have been indications that the north is beginning to catch up.
RICS has forecasted that homeowners wanting to know the house prices in my area and living in East Anglia, the north west and the West Midlands will see house prices achieve higher growth than other areas of the UK.
This may see an influx of property price competitiveness in these areas, driving the potential sale price up, meaning those house prices sold offer a better return on the investment of buyers.
Springbok Properties knows how to answer the question of ‘what are the house prices in my area?’ has extensive experience selling homes fast across the UK. We know how to get the best price possible for your home! Call us today on 0800 068 4015 to find out how the north-south divide effects your home.