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Great news! In the last quarter of 2013, house prices saw up to 7.3 percent rise in just 12 months! According to the Telegraph and Halifax in January 2014, the average house price is now a whopping £175,546, compared to average property prices recorded at the end of 2012.
With so much clouding the property market over the last few years due to problems with the UK economy and the recession, it really is refreshing to see the economy gaining strength and this being reflected in our vast UK property. However you may be wondering what this means to you? Well of course there are worries over a possible house bubble emerging, but current property rates are far below the peak it was in 2007 and most people are finding themselves still clawing their way back out of the red.
London still remains the most expensive part of the UK with property prices over 3 times the average of buying in other areas of the country, but homeowners can now relax as their assets go from strength to strength. And house prices are still predicted to rise significantly over the next three to four years, with increases forecast for the remainder of the year. With a shortage of properties also spanning many areas of the UK, demand for properties looks to increase as lenders are seeing a growth in people taking out mortgages.
More and more people want to gain a foot on the property ladder, and secure their future. This is the perfect time for current homeowners to benefit from the sale of their home, and also for potential purchasers to take advantage of the lower priced housing market as it currently stands. Although property prices are set to rise over the forthcoming year, Halifax have expressed predictions of a moderate growth, alleviating concerns over the risk of a housing bubble forming.
As selling conditions continue to improve, more homes are likely to come onto the market thus relieving any pressure on prices also, and reducing the restrictions of upward chains developing. In 2013 over one million properties were sold, seeing a positive move in house sales since 2007. In December alone, there was a 30 per cent increase in sales compared with figures recorded 12 months previously. The demand for properties is still significantly greater than the supply, but recent figures show a positive move towards healthy conditions for anyone considering putting their home on the market. This in turn will see a growth in properties for sale, over the coming months. However George Osborne recently stated that demand would far outweigh the supply of houses for another ten years, despite plans for constructing new homes in areas throughout the UK.
In the meantime it appears to be looking evermore positive within the housing market, for both homeowners and potential buyers as property prices currently remain stable and secure with a view to a moderate rise. So if you are either considering putting your property up for sale or house hunting yourself then this could be the perfect opportunity to take the plunge.
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