As is evident from the recently released data from the Office of National Statistics, the house price growth does not look to be slowing down anytime soon.
In the year to December 2015, prices rose by 6.7%. Even though this is slightly down from the previous month, it’s still a high increase. And as expected, prices rose fastest in Eastern England and London.
Four key statistics:
- 3% – annual house price increase in England
- 4% – annual house price increase in London
- 4% – increase on prices paid by first time buyers in December 2015, compared to December 2014
- 9% – increase on prices for owner-occupiers for the same period.
Whilst this is great news for sellers, particularly in London, it’s not as good for buyers – wage growth is outstripped at 2%.
Because of the climb in prices, buyers are now widening their search areas, with many turning their attention to London’s regeneration zones. These areas look set to be excellent investment opportunities, particularly in East London with the Crossrail and the 13 proposed new river crossings.
As for growth this year, Howard Archer, an analyst at HIS Global Insight, said: “We expect house prices to rise by around 6% over 2016 amid healthy buyer interest, which could well be fuelled by increased expectations that interest rates will not rise this year, and a relative shortage of properties.”
Take advantage of the rise in prices and sell your property with Kingsley Hamilton Estates. Call our friendly, expert team on 020 7078 0214 today.