Latest outlook for the housing market

August 29th 2018
By: Melanie
Latest outlook for the housing market

Recent data from the Halifax building society revealed that the average UK house price had risen by 3.3% in the last three months to July 2018, making the average house price  in the UK £230,280. However the market is said to be ‘soft’ as new buyer enquiries and agreed sales they say will remain flat until the end of this year, that’s why it’s important to make sure you price your property correctly to ensure a sale. 

Making sure you price your property correctly

Despite finding that there have been small increases in price across most of the towns and villages in Intercounty’s area we are finding that sellers must price their houses to sale, as unrealistic house prices are being reflected in the fact that properties are either not selling or are taking much longer than average to sell. 

Over the past few years the housing market has been blighted by lack of property stock, however this year there has been much more choice for buyers. There has also been an increase in mortgage approvals this year. The number of people in employment has also risen by 137,000 in the past three months until May, much of which is full-time employment. Although there has been a slight increase in the Bank of England Base Rate, it is not expected to have a significant impact on mortgage affordability. At the moment it is more of a buyers market. 

Andrew Gilchrist commented: “More stock has given buyers more choice. This recent data has shown that house prices across the UK are still on the up, as housing demand continues to outstrip supply. However for those sellers it’s important to make sure that you price your property correctly to follow the current market conditions. At Intercounty we have a wealth of experience in selling houses in Essex and Hertfordshire so we are well placed on giving advice in order to achieve a sale. 

If you would like to find out more about property in Essex and Hertfordshire then why not pop into your local branch of Intercounty for a chat and a coffee.