House Price Index Market Update – February 2017

According to Rightmove, the price of property coming to the market is only up 2% (£5,986) which is the smallest price rise since February 2009, analysis shows that as a seller, you are 40% more likely to sell if you go to the market at the correct price. As agents, this means we have to ensure we are able to offer accurate valuations that reflect the current market and a bespoke marketing package to showcase your property in the best light.

Overall, nationally the latest house price index from Land Registry shows that house prices increased by 1.1% in December, the annual change in England and Wales is 5.2%  and overall the number of property sales has decreased in the last 12 months. As MousePrice have shown, even in the same locality the property market can be quite volatile. To show this, they highlight a couple of recent sales where the sellers have experienced mixed fortunes. The high is the sale of a property in Fallow Rise in December 2016 for £305,000 that was previously bought for £193,000 in October 2012. This shows a 58% change which works out to an annual equivalent change of 11.8% an example of one of the low sales was for a property in New Park Road back in November 2016 for £970,000 which was previously bought for £790,000 in October 2005. This is a 22.8% change which works out to an annual equivalent change of 1.9%.

Even though Rightmove reported record traffic in January 2017 with visits up 3% on January 2016’s buy-to-let boosted period, to get the maximum views on a property listing the price of the property has to fall in to the right bracket that potential buyers will be able to find it easily. Their latest blog (at the link below), details the complete house price index and is definitely worth a read as you can search regional trends and an overview of the results.

If you would like an up to date valuation on your property then please get in touch with one of our property experts on 01992 532222

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