30% House Price Growth Over 5 Years!
By Alex at Aboda, Feb 10 2020 04:15PM
Take a look at our latest Property Market Report, focusing on our local area and nationally too. With 30% house price growth locally and 67,421 mortgage approvals throughout the UK in December - these were at their highest monthly level since July 2017 and up 4.6% on a year ago according to the Bank of England. It is anticipated momentum will continue into the spring with sales volumes anticipated to rise, so if you're thinking of putting your home on the market - get in touch!
Property prices are rising at their strongest level in a year according to the latest UK House Price Index. At £235,298 the average price of a property in November is 2.2% more expensive than a year ago, the highest rate of annual growth since November 2018.
At 76.3% the UK employment rate was at a record high in the three months to November, while wage growth continues to outpace rises in the cost of living. Adjusting for inﬂation, wages were 1.6% higher than a year ago (including bonuses) and 1.8% higher (excluding bonuses).
Just 9,000 fewer sales took place during 2019 compared to 2018 according to the HMRC. Provisional estimates show 1.18 million property sales took place in 2019. Sales volumes for December are estimated to be signiﬁcantly higher than a year ago, but it is likely these will be revised downwards.
The rate of annual rental growth across the UK remained unchanged in December at 1.4% (ONS). A shortage of supply and continued demand continues to underpin prices. Hometrack report a 4% reduction in rental supply across the UK since 2017, while demand has increased 8% over 2019.
If you would like to discuss our local property markets in more detail - please feel free to get in touch - we are always happy to help!
Alex Doggett - Owner - ABODA Fine Homes