Average price of homes increase

June 18, 2016 by Brendan

Property Market

According to data released by Home.co.uk, the number of homes for sale in England and Wales has dropped by 51% in the last eight years, whilst the average price has increased.

In April 2008,

the number of properties on the market was 855,585 but by April this year, the number had fallen to 415,038. The number of homes for sale in April 2010 was 26% higher than this year, and the total number of homes for sale in April last year was 12% higher than this year.

In April 2016, there was a small increase in the number of new properties being placed on the market, with 4% more in comparison with last year’s figures. However, the number was still 43% less than the same month in 2008. The number of new properties placed on the market in April this year amounted to 110,031, while April 2010 had 117,803 new properties up for sale.

The research has indicated that every region of the UK mainland has experienced a reduced number of new properties being placed on the market this year, comparing April this year with April 2008. It is thought that the shortfall of properties being placed on the market has contributed to the increase in property prices during the last few years.

A recent Asking Price Index produced by Home.co.uk, revealed that all areas of the UK experienced property price increases during May this year, with the average price for homes in England and Wales rising by 0.8%.

Mortgage advisers take CeMAP courses in London and other cities around the UK, to gain the required knowledge to advise buyers of their options when buying a home.