According to the House Price Index from Right Move 2018 has a been a busy year so far for on-line property searches, with an increase of traffic of 9% compared to the same period this time last year.
Despite an increase in people looking for a property the average house price has slowed accord to the latest data from LSL/Acadata E & W House Price Index. They state that Bristol has experienced one of the largest house prices increases up by 8.9% and the South West up by 5.3%. However the news it not the same in the Capital where house prices continue to slow down, resulting in transactions flattening out to 3% in 2017.
The shift for buyers and people looking to rent to move out of the capital in search of better value for money property, within commutable distance of London continues resulting in Herts and Essex still being very popular places to live. This is reflected in a monthly increase in property prices of 1.2%, making the average house price £397,262 with the average transaction taking 67 days.
Going forward buyers will continue to be very price sensitive this year so it’s very important to price a property accurately. The best way to do this is to get in touch with an experienced local agent such as Intercounty, who have a wealth of experience of selling in the local area.
There is nothing worse for a property sale than not gauging the price accurately, because putting it on the market at a two higher price will result in it loosing momentum in the current market, which usually leaves two options either to reduce the price less than you could have achieved in the first instance or having to take it off the market and re-market at a later date.
If you are thinking of selling of putting your property on the market and would like a free market appraisal then please call our team or try out our instant valuation tool, click here.
Rightmove House Price Index