The latest news on house prices

18 August 2022

Despite recent increases of the base rate, UK house prices have been rising at an alarming rate. In fact, the average UK house now costs £369,968.

The size of the home has a huge impact on the rate of growth. According to Halifax, the price for a detached home increased by 15.1% year-on-year, whereas flats increased by just 7.7%.

This can be good news for existing homeowners who are seeing the value of their property increase, but it’s certainly bad news for potential first-time buyers.

The question is, how long can this continue? With house prices now at record highs, some experts are predicting a crash in the near future. So if you’re thinking about selling up, it might be worth doing it sooner rather than later. Another option would be to consider a buy-to-let, as rents have also soared in recent years.

Similar to the weather, it’s difficult to predict how the property market will change going forward. However, reports from Halifax have stated that house prices fell by 0.1% in July 2022 – their first drop in over a year. We’ll keep you updated on any developments.

If you would like to discuss this, we are here to help – please contact your client manager, or call the office on 01332 207336.

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Carter House, Wyvern Court, ​Stanier Way, ​Wyvern Business Park, Derby. DE21 6BF

01332 207336

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