Asking prices have soared to record highs in England and Wales after the Tory election win. According to official Government data published on Tuesday, house prices in London grew by 4.7%, and house prices in the UK grew by 5.7% in the year to May. There was also a 3% increase recorded between May and June, representing the highest monthly rise since February 2014. The average cost of a home in the UK now stands at £274,000, and prices in London crept over the £503,000 mark.
The housing market is on the up
The market shows no signs of slowing down, either. Yearly house price growth across the UK, strong buyer demand and high mortgage lending levels are all early signs pointing towards an extremely busy autumn season in the housing market after a subdued first half of the year.
The economist Howard Archer is in agreement that the “housing market is on the up”. New data from the Council of Mortgage Lenders also reiterated this market confidence, showing a modest rise in mortgage lending from £15.8 billion in April to £15.9 billion in May.
Summer is set to soar
“House purchase lending in May was slightly up on the previous month, suggesting the market might be waking up after a subdued first quarter. Activity has broadly been down on last year but we expect it to rise in the summer months as, with historically low interest rates and a competitive lending environment, borrowing conditions are relatively favourable,” Paul Smee, director general of the CML.
Now could be the perfect time to sell your home
Now there is election certainty, buyers who have previously been holding back are now prepared to purchase property. We expect this buyer demand to continue throughout the summer and into the autumn months, so those thinking of selling their house are in a brilliant position to achieve a quick sale and the maximum sale price possible.
At Portico we’re committed to making life as easy as possible for our vendors. We’ll take care of the whole process, starting with marketing the property . We don’t just advertise your property, we actively help you present it so that it generates as much interest as possible.
So for example, on our Concierge package, we’ll ask one of our Interior Stylists to professionally stage your home before we send in a professional photographer. We also offer three days of complimentary handyman services to help you spruce up the property before we take it to market.
When your property is looking fantastic, we’ll then find a buyer that meets your criteria and manage the conveyancing process. We’ll also happily put you in touch with a solicitor or surveyor if you haven’t yet had a chance to appoint one, and we’ll also help with furniture storage, cleaning and appointing a removal company.
If you’re thinking of selling and want to get the best price for your property, give us a call on 0207 099 4000.