Many prospective house buyers and sellers will be watching anxiously for news about house price movements, and in particular possible falls in prices.
The mortgage lender Halifax has recently issued its latest property price index, which suggests prices fell by 0.2% in May 2020. However, it also suggests that house prices moved UP by 2.6% for the year to May. The average house price in the UK now stands at £237,808.
However, all figures must be taken with a large pinch of salt if you are looking at the local market where you live. The rises or falls cover the whole of the UK, not just one area, and the average price of a house includes very high priced areas such as London and the Home Counties, where in comparison to the north of the country, prices are vastly different.
As an example, we have a case in progress for a property in Oxford. The same house in Lincoln, a six bedroomed large detached residential property, would probably sell for £700,000. However, in Oxford the owner is confident it could sell for £1,800,000.
So, similar properties in different areas of the country value differently, and local market conditions can affect overall price movements. Don’t be swayed too much by price information which applies to a huge region, and try instead to find information from your own local area. Be guided by local estate agents, who know what property is selling for in comparison to asking prices, and don’t be afraid to ask about trends. The property website Rightmove can also be used to monitor housing where asking price reductions are shown.