House Prices Rising – but more slowly
The latest figures from the Land Registry and the Office for National Statistics show that house prices continue to increase across the country but at their slowest rate in recent years. Prices rose by an average of 3% in the year to May to reach £226,000 but this was the slowest rate of house price growth since 2013.
This stable market is good news for both buyers and sellers, especially those ‘second steppers’ looking to trade up.
Mortgage rates remain ultra competitive and affordability in our local Island market remains generally strong.
London continues to struggle, with prices declining for the 4th consecutive month. However the rate of decline is small – just 0.4% in May, suggesting that this is a re-alignment rather than anything more fundamental. There is an overhang of supply in certain London markets which is undoubtedly having an impact on the overall numbers being reported.
Would you like to have an up-to-date valuation of your property? Our market appraisals are completely free and without obligation.
It can be very helpful to have a good handle on the current value of your home, even if your moving plans are not immediate.
Just call us on 01983 525710 for a confidential discussion.