The credit crunch in 2008 made for a very tough housing market and the economic crisis affected property prices across the country. However, we can now see that everything appears to be recovering nicely. Figures show that mortgage lending was up by almost a quarter in December 2015, compared to the same time in 2014. The Royal Institute of Chartered Surveyors (RICS) has predicted steady growth for the next five years. The average house price last year was 3.7% higher than 2014, according to Nationwide. Various lenders, investors and estate agents expect an improved housing market for 2016.
Homeowners in Staines Upon Thames will be glad to hear that London and the south-east England will continue to improve. Rics suggests an increase of 5% in house prices each year up until 2020. If you would like a free property valuations in Staines upon Thames please contact us. It should could that your property’s value has recovered. Whether or not you intend to sell anytime soon, it’s reassuring to know that things are improving. In fact, surveys from RICS showed that there were more buyers than sellers for much of last year. There was a rise in demand for December particularly. Some suggest this is due to people who want to buy before the “landlord tax” comes into place in April.
Mortgage lending fell in December 2015, but it was still 23% higher than the previous year. Overall, there was an estimated 8% increase in the figure from 2014. A small supply of both existing and new properties on the market means competition is starting to heat up. Across the country, average house prices have risen by about five or six percent, or even more. Estimates from Rightmove and Your Move show the average price was £290,000 last year.
According to Rightmove, properties in Staines Upon Thames sold for an average of £334,148 last year. They were largely semi-detached houses, with terraced homes and apartments included too. Over the year, prices in Staines Upon Thames rose by 12% compared to 2014 and were up by 16% on 2013. If you hope to sell your home, our free property valuations in Staines Upon Thames could give you a pleasant surprise. Your property’s value may have grown considerably in the last couple of years. Prices in Staines Upon Thames during 2015 were slightly higher than to those in Ashford. They were, however, significantly higher than properties in Stanwell making this a hot spot for more affordable homes.
Property owners in Staines Upon Thames and across England and Wales can expect an improved housing market for 2016. Competitive mortgages and the improving labour market are helping buyers. They are more likely to afford rising prices for the time being. Interest from buyers may remain high until April. Buy-to-let landlords hope to avoid the new regulations and may continue to buy. If you hope to sell your property this year, it may be a good idea to list it before the spring. Property owners in the south-east of England will be lucky enough to see higher prices rises.
The housing market should be much improved for 2016. Prices will also continue to increase for the next five years. It’s a good time to consider selling your property while the market is strengthening.
We also have and online calculator on our website now, so you can get an idea of how much your property is worth.
Steven Harvey (MNAEA)
Managing Director – Staines Upon Thames – 01784 441818
