In December 2016, I noted the ONS (Office for National Statistics) reported that house prices across the UK saw a year-on-year rise of 7.2 per cent. I think these figures are promising for the property market. If the trend continues, the average home in the UK will increase in value by £22,000 in the next year. But what's in store for E14?
Over the last decade, local prices have seen a rise of 61 per cent, equivalent to £18,610 per year. Terraces tell a different story, having seen a rise of £35,100 per year or 107.5 per cent over the period. As the chart shows, all owners have benefitted from price rises, but some more than others.
The hike in house prices indicates good news for current homeowners, but those hoping to take their first steps on the property ladder will need to familiarise themselves with pros and cons of current schemes. There are several government schemes for first-time buyers: Help to Buy, Shared Ownership, ISA's and Starter Homes.
Local area residents thinking of selling their home will be buoyed by the price increases, especially if they have owned their property for a significant amount of time. If you would like to know how much your home is worth don't hesitate to give me a call or email me. Alternatively, pop into my office for a friendly chat through your options.
Thanks for reading.