Each month the Office for National Statistics calculates data from the sales of houses in England, Scotland, Wales and Northern Ireland to produce a report that shows the changes in value of residential properties – the UK House Price Index Report.
According to the latest report, the average house price in the UK is £239,196, and the index stands at 125.45. Property prices have risen by 0.7% compared to the previous month and risen by 2.5% compared to the previous year.
But what do all of these statistics mean if you are looking to sell or buy a house?
Well the statistics themselves don’t really answer that question, it’s a case of what the statistics tell us about the current housing market and the effect on selling and buying.
What does it all mean for me if I want to sell my house?
Especially if you haven’t got your house on the market yet. Many buyers are willing to pay record prices for a home to suit their needs, especially post-lockdown plus the stamp duty holiday means you might be able to force a higher price. That said, don’t be too optimistic with the price – it’s a fine balance. It is also worth noting that the increased volume in agreed sales means it could take longer to complete.
What does it all mean for me if I want to buy a house?
Especially if you haven’t put an offer in yet. The stamp duty holiday deadline is approaching faster than Usain Bolt. Remember, if you’re buying a home up to the value of £500,000 you don’t have to pay any stamp duty up until 31 March 2021, which means you must complete on or before that date. We’ve written a whole blog about SDLT
What should I do next?
Do you see where we are going with this?
If you are looking to get your house on the market, you can do it quickly and effectively with us. We’ve also got some tips to help you prepare… [Luke, link]
John Shepherd. Moving more people over 25 years.