UK homeowners experience a rise in house values

UK homeowners experience a rise in house values

Homeowners up and down the country are enjoying a rise in the value of their homes. 

 

This is allowing sellers to ask for £344,445 on average, £5,983 more than in September.* 

 

In fact, in October alone, the cost of a typical UK home rose by 0.9%, an increase of more than £2,500 from the month prior. ** 

 

This growth is expected to continue throughout the coming months, as homeowners look to move before the New Year.* 

 

Despite the economic shock of the COVID-19 crisis, house prices have climbed for the last four consecutive months. 

 

Experts believe the latest price increase is a result of a rush to secure a low-fixed mortgage rate, which is also driving demand this autumn.*** 

 

It’s no secret that the current property market is favoured towards sellers, so we have included a few top tips for navigating these conditions. 

 

1) Be proactive

Many of the best houses and flats are sold before they even reach the market, so make sure you and your estate agents are always searching.

 
2) Act quickly

With high competition amongst buyers, you need to act quickly once you find your dream home.  

Listing your current property before you begin your search will ensure you’re in the best position possible to make an offer on a new home. 

  

3) Don’t overpay

With house prices on the rise, sticking to your budget is vital.

Therefore, it is important to ensure you do not pay above the value of the property. 

  

Your estate agent will help you devise an offer the seller can’t refuse. 

 

We’re here to assist you with your property search. Contact our friendly experts today for further guidance.

 

*Cityam

**BBC

***Standard