Russell Quirk the Chief Executive Officer of property agency eMoov has released a few things to say regarding the current state of the housing market, which is apparently seeing homes in the country rise in value more slowly than they were before, suggesting that some form of stability seems to
Once again, the housing market has shown strong, positive growth signs, with the average UK house prices increasing by a further 7.9% in the 12 months building up to this January, signalling a notable increase on the 12 months up to last December, recorded at 6.7%. Additionally, in the index
BDC 319 : Aug 2024
Russell Quirk the Chief Executive Officer of property agency eMoov has released a few things to say regarding the current state of the housing market, which is apparently seeing homes in the country rise in value more slowly than they were before, suggesting that some form of stability seems to have returned to the market. Quirk explains that one must accept a slowing down of rate levels in any case, due to the stagnation expected around the seasonal Christmas period. Things are therefore to be expected to have slowed themselves down somewhat in any case due to the simple fact that less people are likely to want to invest time and effort in the housing and property market around the Christmas season when they want to spend time with their families and friends. The slowing down overall thus seems to reflect this, but Quirk adds that things will certainly pick up again soon now that the tinsel season is over and business is opening up again as usual. Therefore it seems evident that the springtime season will show a rise once again because more people will be wanting to activate themselves again to get the year going with their plans to invest and change homes. Russell Quirk also adds that in any case the survey itself that has found this out (Rightmove) bases its data and results on the asking price of those whom it interviewed, and this is therefore not the same as the sold price itself. What it does however unarguably show is the expectations of people who believe that the market is at a lower rate than it actually is. Confidence is not what is used to be but the Rightmove survey did indicate a 3% rise in the amount of traffic that agencies are experiencing, showing that there is still much be said about the construction industry and housing development projects in the future months to come.
Once again, the housing market has shown strong, positive growth signs, with the average UK house prices increasing by a further 7.9% in the 12 months building up to this January, signalling a notable increase on the 12 months up to last December, recorded at 6.7%. Additionally, in the index provided by the Office of National Statistics, it has also been shown that prices actually increased by some 8.6% in England, in Scotland 0.1%, 0.8% in Northern Ireland and a fall of 0.3% in Wales. With the average house price rising to circa £292,000, it is clear that the demand of housing, and also the investment potential within housing is still on the rise as we slowly break out of the recessionary periods. As to the pockets of England in which the growth has been most evident, a yearly increase of approximately 11.7% has been seen in the South East, with growth of approximately 10.8% in London and 9.8% in the East of England. Excluding the hotspots of London and the South East however, the average rise in prices has still been cited as 5.1% in the 12 months up to January, with an actual increase of approximately 0.9% between December and January – a notable increase in what is considered to be a relatively small period of time. Whilst the figures, as aforementioned due signal a very strongly performing housing market as a whole, industry experts have highlighted the density of change seen in certain geographic pockets; in effect ,this meaning that, whilst progress is being seen in the housing market, the degree reported may show slightly skewed figures from what can Is represented in many geographic areas around the UK. Most specifically, the lack of geographic spread in progress can be seen most aptly in the areas of Wales, Scotland and Northern Ireland where, while certainly not performing altogether badly, have not shown a great deal of progress or change as a whole.
