According the latest figured released in the national index, it has been reported that the property market has seen a surge in both asking prices and sales across the UK as a whole. With asking prices rising slightly across all areas of the UK, there is the notion that the housing market is continuing to maintain a positive outlook, yet, at the same time it is worthwhile to note that the average yearly increase in price across both England and Wales actually saw a reduced rate of growth, sitting at some 7%.
The largest increase in average property prices was observed in the West Midlands, where a month-on-month rise has been observed of approximately 1.5% – this being attributed primarily to the imbalance of demand and supply in the West Midlands, with a 4% year on year decrease in supply. Yet, with demand maintaining continued growth due to population expansion, concerns may be raised as to the comparative affordability of West Midlands properties in the years to come.
On a more positive note however, it has been reported that homes are selling at an increased pace, with the average time that a property is on the market reducing by approximately 17 days from this time last year (now presently clocking in at some 102 days on average). This has been highlighted most aptly in the East of England, London and the South East, where buyers have been reportedly “snapping up” properties at a speed most recognisable with that of the housing boon.
Within the North and across Wales however, prices have reportedly risen, yet the marketing times associated with the average property remain as the longest witnessed in the UK. Yet, growth in both pricing and sales is portrayed to be far more sustainable in these areas, with relatively modest increases as the supply and demand balance remains relatively in check; sometimes, smaller, more steady change can be far easier to handle.