Kevin Spires, Senior Sales Executive at Edward Ashdale estate agents, shares his latest thoughts on the property market.
London & Bromley
Average price increases accelerated to 9.6% in the year to September. Annual prices are now once again rising faster in London than in any other region of the country, and the average house price in the capital is now £499,995.
Average price increases accelerated to 9.6% in the year to September. Annual prices are now once again rising faster in London than in any other region of the country, and the average house price in the capital is now £499,995.
The majority of sales in Bromley during the last year were flats, selling for an average price of £277,772. Terraced properties sold for an average of £360,075, with semi-detached properties fetching £483,235.
Overall sold prices in Bromley over the last year were 7% up on the previous year and 27% up on the 2012 level of £320,659.
National
National
House prices rose across the UK in September, rising by 5.3% compared to 4.2% in August. Outside of London, the South East saw house prices rise the most at 8.5% in the year to September.
Excluding London, property prices in the countryside are, on average, 22% higher than in urban areas Despite this, the gap between “town” and “country” prices is narrowing as prices are rising more quickly in urban areas. Between 2010 and 2015, the average price of a home in the countryside rose by 13%, compared with an average increase of 23% in towns and cities.
The relative shortage of houses for sale means there are many more prospective home-owners than houses to buy. Prices will probably rise fastest in the entry level bracket with high demand from first-time buyers. In the short term there may be a rush from buy to let investors or second home buyers seeking to make a purchase before Stamp Duty rises by a further 3% from April 2016.
Excluding London, property prices in the countryside are, on average, 22% higher than in urban areas Despite this, the gap between “town” and “country” prices is narrowing as prices are rising more quickly in urban areas. Between 2010 and 2015, the average price of a home in the countryside rose by 13%, compared with an average increase of 23% in towns and cities.
The relative shortage of houses for sale means there are many more prospective home-owners than houses to buy. Prices will probably rise fastest in the entry level bracket with high demand from first-time buyers. In the short term there may be a rush from buy to let investors or second home buyers seeking to make a purchase before Stamp Duty rises by a further 3% from April 2016.
Kevin Spires, Senior Sales Executive, Edward Ashdale, for your free valuation call 020 8 466 8445.
