2 Apr

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Buyer's market as sellers settle for more realistic prices

New house price data shows that UK property is a buyer’s market. The latest UK Cities House Price Index from Hometrack has revealed greater value for money in property as house prices remain subdued.

As we move into spring, it seems clear the time is right for those who have been biding their time on buying a new home.

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Every UK city registers positive price growth

Hometrack’s figures show that every city in the UK showed a rise in average prices, by 2.8 percent, over the last year. This is the first time in almost four years that every city tracked by the data has registered positive price growth.

In London, the growth rate is well below the UK average at 0.4 percent, but while the capital’s price growth is flat, it’s still positive.

Leicester showed the biggest rise in average prices at 6.8 percent with Manchester on 5.8 percent and Glasgow on 5.7 percent.

Market still active

Sellers are also being more realistic in their asking prices, says Hometrack, and more willing to accept lower offers that guarantee a sale.

Their report says “buyers and sellers remain active in the market even if some areas are less active than others…

“With unemployment at a record low and mortgage rates still averaging 2 percent, buyers appear to be largely shrugging off Brexit uncertainty until there is a material change in the overall outlook.”

Make a move with Homeward Legal

Are you ready to make your property move? Call Homeward Legal now on 0800 038 6699 to get an instant quote for conveyancing services. You can also get a no-obligation quote for conveyancing services online.

And with our no-completion, no-fee guarantee, you can proceed knowing you won’t be out of pocket.