House Prices Rise Strongly Across the UK
Recent figures released by the ONS show that annual house price growth rose faster than the cost of living in November, even when the city of London was removed entirely from the statistics. The ONS were quoted as saying that property prices across the country had “increased strongly”, with house prices up 5.4% compared with a year earlier. In London alone, house prices were up way above the national average, showing an 11.6% increase. Due to the sharp rise of house prices in London, the figure is somewhat inflated but, even when London is removed entirely, prices were up 3.1%, 1% above the rate of inflation.
Rises Across the Regions
Over the past couple of years, it has been widely accepted that house price rises in London have contributed greatly to the positive outlook on the UK housing market, with some bystanders even claiming that constantly rising prices in London could in fact create a ‘housing bubble’. However, this recent news announced by the ONS allays these fears, showing that growth has actually been relatively strong across the board- although still led by London.
What Does All This Mean For Us?
Essentially, for many of us across the country, this means that now could in fact be the perfect time to sell our houses. So, if you’ve been thinking about selling, downsizing or even renting out the spare room, this could be the perfect time to do so as you stand the best chance of maximising your returns. This means that your home once again becomes your piggy bank and your equity becomes tied up. So, if you’re looking to sell your home, how do you go about it?
Firstly, be sure to scour the markets. Remember that if you’re selling high, you’ll probably have to buy high as well, so acting quickly before other properties react to changing prices could be your best bet. You should be looking to market and sell your home as quickly as possible. So, get it decorated and freshened up before immediately contacting agents. If this is a hassle and you’d like a really quick sale, you could even contact someone like House Buyer Bureau who will buy your home for cash, meaning you can move in the market immediately.
To conclude, with prices rising above inflation all across the country, now could be the perfect time to sell. So, consider your next move wisely and be sure to act decisively.
Category: Family Finances
