House Prices Hit A 12 Month High

The average home price in September was £161,816 accordingly to Nationwide, the UK biggest building society. Back in February the average house price had slumped to £147,746 so this is welcomed news for all homeowners. Since May prices have steadily climbed by 0.9% in the past month.  

House prices have risen in all regions between July and September. The South-West, South-East, North- West and London have seen the biggest rises.

For those of us living in the West Country our average house price is currently priced at £178,2008 which is up by 4.9% and in the great scheme of things is 4th on the list under, London, London suburbs and the South East. 

Further evidence that the housing market is recovering should be welcomed however recovery is a fragile process. Whilst mortgage lending has improved the demand for property has been higher than houses which are currently up for sale so demand is great. Some people are cashing in on cheaper property especially those with cash. Also at the end of this year the stamp duty reduction  for property's over £150,000 might just have an impact as well....... 

 

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