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What Does Rising Asking Prices Mean For You?

February 22nd 2020
By: Thomas Morris
What Does Rising Asking Prices Mean For You?

With so much talk of the Boris Bounce and increased confidence in the property market, it is essential buyers and vendors have clear expectations of what the market entails. At times like this, if you are considering making a move, it is vital to call on the experts for support, and at Thomas Morris, we are happy to advise you. We keep a close eye on the local market while staying in touch with what is happening nationally.

Figures provided by Halifax suggest UK house prices are increasing at the fastest annual rate for close to two years. This has led many industry experts to state the market is in reasonable shape as we head towards spring. The nature of the property market has evolved in recent years, but spring remains the time of year when many people prefer to move home.

House prices are on the rise in 2020

Halifax states house prices increased by 0.4% in January 2020, which added just over £1,000 to the average price tag, which stands at £240,054. This means the annual rate of price growth reached 4.1%, which is the highest figure since February 2019. In October 2019, the yearly figure was less than 1%, so this is an impressive spike.

Nationwide figures also suggest there has been an upturn in the fortunes of the property market. Data provided by Nationwide suggest annual price growth is at a 14-month high. For the rest of the year, Halifax expects a moderate rate of price growth, citing a lack of homes being supplied to the market, both by builders and current property owners, as factors which will lead to prices rising.

There are many things to consider when buying and selling homes

If you are a vendor, you may think rising house prices are of benefit, but this may not be the case. If buyers cannot match these rising asking prices, you will find sales prices won’t move in the same direction. Also, if you are selling your home to buy another property, you will face higher asking prices when you look to purchase a property.

Anyone looking to place their home on the market this year is advised to price their home accordingly. It is best to call on the services of a local expert because local factors play a substantial part in determining property value. Local school places, transport options and shops influence what a buyer will willing to pay for a home, and you need to make sure these factors are taken into consideration when entering the market.

While it is pleasing to see people have greater confidence in the property market, rising house prices are not universally welcome”, said Thomas Morris St Neots Branch Manager Andrea Delaney. “We know many first-time buyers and families looking to scale upwards are already struggling to afford to move home. We aim to provide informative guidance for all our clients, and if you want to make a move in 2020, rely on us to help you make an informed decision.”

Selling your property is stressful, but with the right support, you can make the process easier. Book a valuation at a time that is suitable to you or alternatively, you can phone our St Neots branch, managed by Andrea Delaney by calling us on 01480 403020.