Here's the latest trends in the UK's housing market, with a detailed focus on Wisbech PE13 & PE14.
UK house prices rose by 5.2% over 2017 according to the UK house price index, taking the average price of a home to £226,756. Within England, strongest growth was recorded in the South West (7.5%) and both the East and West Midlands (6.3%).
Inflation remained unchanged at 3% in January. The rate was expected to drop slightly from the December figure and a number of measures including food and fuel prices have begun to fall back. These were offset, however, by a rise in price for cultural goods and services.
There were 102,610 residential transactions recorded in January across the UK (on a seasonally adjusted basis). While up slightly on the end of 2017, this is on a par with the level recorded in January 2016.
The National Association of Estate Agents report a large pick up in demand in January compared to the end of last year, although levels remain 14% lower than January 2017. Over a quarter (27%) of all sales in the month were to first time buyers.
Tenant demand across much of the country edged upwards in the three months to January, while landlord instructions fell back according to the latest survey from the Royal Institute of Chartered Surveyors. Agents are moderately positive about rental price growth over the next three months.
Wisbech PE13 & PE14 Area
Average home values have continued to increase annually by 10%, double the national average of just 5% - and increased by 38% over the last five years - despite transaction levels being 8% down lower compared to the last 12 months. Detached homes continue to be the most type of home sold in the area at 53% of all home types and also show the highest growth in value annually at almost 11% over the last 12 months. Annual house price growth for other home types are 10% for semi-detached homes, 8% for terraced homes and 5.5% for flats in the Wisbech PE13 & PE14 area. The average home value in the area is now approx £180,000 with average values for detached homes now reaching £228,000. The Wisbech area is still an area of high inward migration from other areas of the country, especially at the upper end of the market from £250,000 upwards with 81% of our clients homes being sold to buyers from out of the area, predominantly to buyers from the South East and other counties surrounding the London area.
Aboda Homes Wisbech sold our clients homes at 102% of marketing price on average over the last 12 months compared to the Wissbech area average of just 96% - gaining our clients 6% more of their homes value!
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