The price of housing has increased by an average of 5.3% over the year March 2014 to March 2015, according to the Land Registry. This indicates the continued trend of restricted supply of properties on the market and thereby increased demand. The average property is now valued at £178,007, still down from the peak of £181,049 which it reached in 2007 before the financial crash. A 0.8% decrease has occurred since February 2015.
London’s average cost of property remains the highest in the UK with a price of over £462,000 as against the average overall price of just over £178,000. London’s price rises have lured out more house sellers so there is a good supply of properties to buy, making the market more active.
House Prices in England and Wales
As has been typical over the last few years London has seen the greatest rise in average property value in this period with an increase of 11.3%. The South-East continues to rise strongly, with the North-East the only region showing a price fall, that of 2.9% over the year and 4% over the previous month.
Eastern England seems to be the strongest part of the country in term of prices, reducing times to completion to a low 64 days and with increased supply.
If you’re planning to sell your house fast in the near future then now is a good time with prices steadily rising in most areas of the country. If you are in the North-East where prices have dropped then your property may be seen as very good value and be of interest to a buy-to-let landlord or a first time buyer.
The variation in the house price increase was from 3.6% for flats up to 6.1% for semi-detached houses, showing more strength for larger and detached properties and lower increases for the larger number of flats and maisonettes.
If you want to sell your house fast and have a semi-detached or detached property then both price increases and the scarcity of properties available are working in your favour at the moment.
Time To Market
How long it takes you to sell your house is extremely important. Delays can land you in all sorts of financial difficulties. The standard time for completion has improved lately to 88 days. However, with Sellpropertyfastcash you might be able to complete in a much shorter time such as ten days in favourable circumstances.
House Sales and Repossessions
From January 2014 to January 2015 the number of completed house sales in England and Wales has dropped by 18%. 53,168 sales per month were made during the year. This includes a slightly steeper decrease of 19% for properties worth over £1 million.
Repossessions also dropped, this time by 45% to 590 per month, with the greatest fall this time in London.
Overall while prices are increasing in most areas of the country such as Liverpool and Manchester, there is a lack of supply of new properties for sale coming on to the market. So if you have a property you want to sell quickly then this is a good time to call Sellpropertyfastcash and turn your property into cold, hard cash in your bank account.