UK house prices hit a record high
With inflation reaching 9%* and the cost-of-living crisis undermining consumer confidence across the board, it may be surprising that the average UK house price recently hit a record high.
While this is fantastic news for sellers, the latest figures from the Nationwide Building Society suggest the market is strong but losing steam.
According to Nationwide’s figures, the average home currently costs £271,613. But the latest release of the UK House Price Index actually puts the average slightly higher at £281,000 – a 12.4% increase compared to the previous period.**
However, there’s some evidence that the market may be heading towards a pinch point as rising interest rates and a potential economic slowdown cast their shadow. In the past three months, the growth rate has decreased – although June was the 11th month in a row that prices rose.
In the coming months, widespread financial pressures may reduce the number of approved mortgages and lessen overall demand, which could affect average house prices. Currently, the market is resilient, which may be explained by a lack of supply and a buoyant labour market.
What does all this mean for you? If you’re planning to sell, a ‘sooner rather than later’ attitude could prove advantageous. This is especially true in popular areas for buyers, such as the South and North West of England, East Anglia, and Wales.
Increasing prices can positively influence how much your home is worth. The only way to know for sure is by booking an up-to-date valuation – just contact us to arrange yours today.
*Consumer Price Inflation (ONS: May 2021–2).
** UK House Price Index (ONS: April 2021–2).
This article was originally published by BriefYourMarket and is reproduced here with their permission.
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