Latest figures show that properties in the UK increased by 1.3% between June and July 2017 helped to allay fears that property prices due to the recent political turmoil had leveled out.
The figures from the HMRC also showed that figures had increased by 8.3% compared to the same time last year. However they say that caution must be used when making comparisons because of the Brexit and snap election.
Richard Durrant, Director at Intercounty commented ‘Whilst lack of supply remains low house prices especially in Essex and Hertfordshire, popular commuter belts, look likely to continue to grow. These figures could indicate that buyers are becoming more confident again after all the recent changes we have seen in the UK. Locally we have seen property price rises annually across the region as follows; Saffron Walden 2.6%, Stansted Mountfitchet 7.9%, Royston 3.4%, Bishop’s Stortford 6.1%, Sawbridgeworth 8.4%, Old Harlow 3.5%, Stansted 3.6%, Braintree 16.3% and Chelmsford 8.7%.*
‘Low interest rates and Government Schemes such as the Help to Buy are enabling more first time buyers to get onto the property ladder. However whilst there are not enough new builds coming onto the market in the UK lack of supply looks likely to continue to push up prices across the East of England.’
If you you are a buyer or a seller why not pop into your local branch of Intercounty or call our team on 01279 655243.
If you would like to find out how much your house is worth then why not check out our instant valuation tool.
*Annual Property Value Increase. Information collected on Rightmove from Q2 2017 compared to Q2 2016.