According to recent data from the Office for National Statistics (ONS), your home could be worth almost 8% more than it would have been a year ago.
The ONS data shows that the average UK house price has reached an all-time high of £292,000. So, if you’re thinking about selling, there’s no time like the present. Here’s a closer look at the latest figures and what they mean for sellers across the UK.
Leading the pack: London and the South East
London's property market is consistently strong, and property prices have jumped by nearly 11% since last year. In fact, London house prices are more than 50% higher than they were during their pre-recession peak, and grew by nearly £500 per day during January.
Surpassing the capital, however, is the South East – where prices have jumped by nearly 12% in certain up and coming towns in the region. With markets looking strong and sturdy in the south of the country, sellers can afford to hold off for better offers.
Modest increases elsewhere in England
We know that booming prices in London and the home counties tend to push the UK average up. But, if we take them out of the equation, average prices have risen by a (still impressive) 5%. And the future looks largely positive for sellers outside of London and the South East, with house prices predicted to increase throughout the country during 2016. While the North East is expected to have the lowest increase (3%), East Anglia and the West Midlands are likely to see an 8% and 7% boost respectively.
This means that homeowners looking to sell should keep an eye on local price trends – and be prepared to put your property on the market to take advantage of rises.
Outside of England
In Scotland, Wales and Northern Ireland, the property markets have not been as fast-paced. Northern Ireland has the strongest performance out of the three regions, reaching nearly 1% last year. Scottish house prices have risen by 0.1%, and Wales has seen a slight price dip. While growth remains slow, sellers in these regions should be prepared to negotiate with buyers on their asking price.
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