Sell your House? Prices in the South Largest Increase in 4 Years
The national average asking price is now 0.5% higher than it’s previous peak before the recession back in 2008. It now stands at just under £244,000 which beats it’s previous high before the economic downturn. This new recent high has been set as mainly due to a rise in confidence from sellers in London and in the South.
It is important to note that the this average asking price has really been uplifted by a big jump in the house sale prices from new sellers in London who are asking almost 15% more than they were at the peak in 2008. In contrast if you exclude London average house prices for the rest of the country are still 4.3% lower than their previous highs.
More confidence for those who wish to sell property fast
In the last month new seller asking prices have risen almost 3% but Rightmove do stress that this is very area specific. So if you wish to sell your house fast it will certainly be area specific. Wales for example is still down 13% from it’s peak before the recession. Another factor that may be supporting prices is the quantity of new stock entering the market. On average new sellers who wish to sell property are down 30% it has been mentioned by Right move that this surprising lack of new stock for spring has given a slight shortage of supply and therefore helped bring confidence from those who are wishing to sell property fast.
North South Division of those who require a quick house sale
There is still a lack of lending from the mortgage lenders and it is believed that buyers in London and the South have more liquid cash and credit worthiness to attain a Mortgage. It appears that the North South gap may widen over the forthcoming months and we may continue to see a large contrast in asking prices from those who require a quick house sale.
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