A Boost For House Prices!

Average property prices pushed past the £300,000 barrier in February, a mark that had not been reached since November 2017. Prices jumped by £2,000 in February alone.

The average asking price of £300,001 in February was due to an increase of 0.8%, equating to a £2,414 boost when compared with January according to Rightmove, the property portal.

The rise contrasts sharply with average asking prices of £295,520 in December and £297,587 in January.

Miles Shipside of Rightmove said that despite the positive figure for February, overall prices were "well below the 1.6pc monthly average at this time of year over the last 10 years".

Sellers should remain cautious as buyers are struggling to afford the same price levels as those experienced in recent history:

“Whilst it is the norm for new sellers’ asking prices to be buoyant at the start of a new year, this first complete month in 2018 is seeing more pricing optimism than the comparable period in 2017.

"The political and economic uncertainty is out of sellers’ control, but they are in control of their asking prices, and in general they are not being overly ambitious or setting too high an asking price."

Livingston in West Lothian holds the lowest average times to sell a property with the average time standing at 17 days.

The next most popular town is Falkirk in Stirlingshire, Scotland, where the same measure returns an average of 20 days.

House prices growth could be improving overall. According to the HM Land Registry and Office for national statistics, annual growth in property prices increased by 5.2% in the year to December.

However, analysts expect the property market to be relatively subdued in 2018, due to a lack of inventory, borne out by the lack of valuations undertaken so far this year.

Are you thinking of making a move this year? Our Mortgage team here at Westminster Wealth can ensure that you receive the most suitable mortgage for your personal circumstances, needs and objectives. Contact us today.

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