It’s well documented that the price of property in the UK is steadily increasing, but in the first three months of this year, it has easily trumped figures from last year. Whether being sold through an estate agent or property auction Lake District, the prices are high thanks to increasing property values.
In January, February and March 2018, the total value of British homes has increased by £144 billion, which would mean each home has increased in value by roughly £3,917, or £44 per day. This huge jump in profit has brought the total value of the property at property auctions Lake District or estate agents up to £8.3 trillion. For the same period last year, the market shrunk by £29 billion, demonstrating notable year-on-year growth.
The most significant region contributing to this increase is the North West of Britain, with the area’s average property value increasing by 1.85%. However, keep in mind that this is a proportional increase, so house prices at property auctions Lake District or estate agents may not reflect this, and may not be more expensive than other regions. The regions which contributed the second most amount are the East Midlands and Yorkshire & The Humber, with property values increasing by 1.58%. Wales has seen the lowest average property price increase, with the average sale of a house at a property auction Lake District or estate agent only seeing an increase of 0.11%.
The best performing town for a value increase is Sidcup in Kent. If you’re looking to buy a home here at property auction Lake District or estate agent, you’ll find the average property price here has increased by a whopping £11,761. Heathfield in East Sussex is in second with an average property price increase of 2.87%, and Wallingford comes in third with a 2.84% increase.
The worst performing town was Immingham, where the average property price has dropped by 1.72%. Homes in the commuter town of Esher, in Surrey, have also dropped in value by £12,042.
While increases in value are good for those looking to sell and can net them a tidy profit on their home at property auctions Lake District or an estate agent, it can be harder for sellers to find someone who is willing or able to afford the increased values. Getting on the property ladder is harder than ever for first-time buyers, in part because of the constantly increasing property value.
In some places, the value of homes has been increasing by more than its occupants are earning! For example, Barnet in London has recorded the most significant difference between house price increases and average local pay. The median net earnings over two years come in at £54,641, whereas the two-year change in house price for the area is a whopping £106,896. This leaves the difference at £52,256, almost double the two-year earnings figure. The market for properties is unsustainable and could keep increasing until there is an implosion that causes the value bubble to burst and properties will drop in price.