House prices bounce back during autumn

October 6, 2016 by Brendan

House Prices

A report compiled by Rightmove suggests that the uncertainty following Brexit may have calmed down, as prices across the UK bounce back.

According to Rightmove, the average price for a home across England and Wales rose by 0.7%, equivalent to £2,277, during September, taking the average price to £306,499. In July and August, the average property value fell by £6,249, believed to be due to uncertainty following the vote to leave the EU and the traditionally slow movement of the property market during summer months.

The report indicates that first time buyers who thought they may be able to secure a bargain, will be disappointed as prices rise. Rightmove stated that the type of property which a first time buyer may purchase, a two bedroomed home, increased by 3.3% or £6,240 in the month of September, while over the entire year, this represents an increase of 10.5% or £18,450. First time buyers will typically expect to pay £194,477 for their first home.

Rightmove stated that the volumes of people visiting their website at the start of September had increased by 8%, in comparison to the same month in 2015. Although London experienced the largest increases on property prices, the East Midlands had the next largest increases, with 1.3%.

Property prices in Wales fell during September, by 1.9%. A report by the Royal Institution of Chartered Surveyors has revealed that house prices are expected to increase over the next five years, by an average of 3.3%.

First time buyers may need the expertise offered by a CeMAP qualified mortgage adviser to ensure they secure the most suitable mortgage.