￡38,709 rise in property in 1 year - 10.8% increase
February saw the 8th consecutive month of house price growth with the impending energy increase we may see this slightly easing but there are no signs just yet. The average cost of a home in the UK stands are ￡278,123 which shows property value increase of 0.5 per cent month on month.
As we all know we have lived through unprecedented times of the past two years with Covid19 and we are about to see and experience more unprecedented times with the war in Ukraine, the rise in living cost, such as our energy bills, food and petrol prices has left me amazed at how high they've gone and will become. There are a lot of theories and predictions how this will effect the property market, some lenders are beginning to raise their rates and reduce the amount of mortgage deals that are on offer following the base rate hike from the Bank of England. There's exactly 518 fewer products to choose from leaving 4,838 fixed and variable rate mortgages available in March. To get more of an understanding of the mortgage rates it will be wise to speak to a mortgage advisor.
I was at a property valuation yesterday and spent nearly two hours with the client talking about their property, the market and where the current property sits today and they were amazed at the increase their property had made in 12 months. The million dollar question right now is should I sell now or wait a couple years to see if the price increases more? The one thing I would advise is, to live in this moment now and take advantage of the situation now. Who knows where the market will be in two years time, none of use expected to have lived through a global pandemic 18 months ago, to be locked inside our home for months on end where the world stood still. Control what you can now, today and let the future take care of it self.
Yes house prices are at an all time high and prices have risen at its fastest rate in 15 years so is the slow down coming?
I hope you have enjoyed today's read and if you have any questions please do not hesitate to ask.
Liam Francis
Sales Executive
领英推荐
Barrows and Forrester Property Group