Zoopla have released their latest House Price Index for the UK. This interesting article gives accurate data and insight into the UK housing market.
Incredibly, we are still witnessing the effects of the pandemic on the housing market. Continued high levels of demand is putting upwards pressure on prices, with the average home value up +8.3% on the previous year. The levels of annual house price growth over the last three months are the highest they have been since 2007.
Prices obviously vary between regions and in the South West we saw growth of +10.6%. The post-pandemic demand for rural properties has aided this growth.
Easter was a particularly busy period with sales running 27% higher than pre-pandemic levels.
While rising values are good news for homeowners, these increases put added pressure on the affordability of first-time buyers. The average asking price of a first home has increased from £197,600 at the start of the pandemic to £225,000 in March 2022.
The good news for house hunters is the levels of new property coming to the market has risen to +3%, however, this will take some time to unwind the significant shortage of stock for sale, which is currently sittings some 40% below the 5-year average.
The outlook for 2022 is positive. The flow of new properties coming to the market should return to a more ‘normal’ level by the end of the year while a price growth of +3% is also forecast.
For advice on selling or letting your home please contact your local branch. We can also put you in touch with some excellent financial advisors who can give you mortgage advice if required.
Cam 01453 706707
Cheltenham 01242 252699
Gloucester 01452 398010
Newent 01531 828970
Stonehouse 01453 827640
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