Coronavirus (Covid-19) update: We are open for business as usual and still buying properties. We are following government guidelines with social distancing for surveys & appraisals so secure your property sale with us today.
Property News > Asking Prices Fall in England and Wales but Still Higher Than a Year Ago
Asking Prices Fall in England and Wales but Still Higher Than a Year Ago
When selling a house, the asking price can be important and has to be well thought out. It often comes under advisement based on what other similar properties are selling for, and how the property market is shaping up. This is why changes in the asking price can be important.Looking at the latest index, it was revealed that the asking price in England and Wales has fallen by 0.2% but it is still not as low as last year at the same time, in fact it is 3% higher. The average asking price is around £306,667.While this accounts for the countries as a whole, regions are faring better, with rises being seen month on month. This is seen particularly in the East and West Midlands, and the North West. Asking prices in these regions have seen a rise of 0.2%. The East and West Midlands have also seen an annual growth at 6.8% and 5.8% which are the highest rises.The index, which was put together by Home.co.uk showed that the South West have seen a fall in asking prices down by 0.6%, which is a month on month change. This again is up from last year by around 4.5%. The North East also saw a drop of 0.9% month on month, but still up 1.1% per year.The same slowdown has been felt in Greater London too with asking prices down for the fourth month in a row. What is important though is although there are fluctuations in the regions, it still appears that the UK property market is remaining relatively stable at the moment.One thing that is keeping this stable is the supply levels of houses sales, which is at a ten-year low. This tight level can be seen by the fact that in November 2016 the rate of increase of home prices was 3.8%, where it is now at 3%.Looking away from house asking prices, it appears that rents are rising above the rate of inflation in both East and West Midlands, and the North West. It is seen that the rising house values and rents when put together indicate that these regions are outperforming the average for this year.It will be interesting to see what will happen when the number of houses for sale start to make an impact. This will be the case of the government act on their promises to help more people get on the property ladder. If these houses are at a cheaper price, what will the impact be, if it is felt at all?