Sun 23 Apr 2017 View all news articles

Britain's property market booming as house prices hit record highs

Experts last night hailed the bricks-and-mortar bonanza as a key marker of the nation’s prosperity as we head towards the General Election. 

A new property price record, alongside the highest number of sales since 2007 demonstrates the strength of the UK housing market. 

The value of homes coming to market hit a historic high of £313, 655 in April – up £3,547 or 1.1 per cent and exceeding the previous high of £310,471 set in June 2016.

This has been driven by strong buyer demand, with the highest number of sales agreed at this time of year since 2007. 

The strong set of statistics will mitigate any pre-election jitters, according to Rightmove who released the figures. 

Rightmove’s director and housing market analyst Miles Shipside said: “High buyer demand in most parts of the country has helped to propel the price of newly marketed property to record highs. There are signs of a strong spring market with the number of sales agreed achieved at this time of year being the highest since 2007.” 

Business is also brisk in the first-time buyer sector with record prices and strong buyer activity and a 6.5 per cent annual rate of increase. 

Brian Murphy, of the Mortgage Advice Bureau, said: “It’s encouraging to see a marked increase in activity by first time buyers, as they underpin the rest of the market. 

“The steady rate of house price growth quoted in this month’s figures are in line with market expectations, and certainly a 2.2 per cent increase in asking prices will be seen by many in the industry as reassuring, given the current political and economic landscape. 

“The snap election has caught many by surprise, past experience around the effect of elections on the housing market has been a minor dip in activity in the weeks running up to an election, with activity post the election more than making up for this.”

Source: Express

If you want to make the most of the current high level of buyers, you can arrange a free, no obligation, valuation of your home by clicking here.

Want further reading? Andrew Spink MSc, our Data Analyst, explains what to expect from the Wirral property market this Spring.

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