House prices constantly fluctuate depending on market conditions and those who are looking to get on the property ladder need to keep track of them. It’s also important to compare first time buyer mortgages to see which product suits your financial situation best.
Those who are already homeowners could also benefit from tracking market conditions in case they wish to remortgage or buy or sell a property. Let’s take a look at the current conditions and some predictions for the next few months.
There is some evidence to suggest that house prices have actually gone up this year when compared to last year’s figures. There has been an overall average increase of 3.4% in the asking prices of property and the average price of property is significantly higher than it was four years ago. These are only average figures, however and they do not reflect the conditions in certain areas.
Several marked differences can be seen in the housing markets of different regions of the UK. The average increase in prices is likely caused by the much higher asking prices of specific areas, such as London. House prices there are 7.9% higher than in 2011 and the South West has also seen a significant increase. Wales, on the other hand, has seen a reduction of 1.5% in 2012 with regards to the asking prices of property. The highest asking prices appear to come from the areas which are performing better economically, therefore cannot reflect the UK situation overall.
It is thought that house prices will rise between 2% and 3% in 2012. It is difficult, however, to accurately predict what’s in store for the market due to fluctuations in the economy. If you are looking for a house in a specific part of the UK there are ways to find out what the conditions are like.
Researching the Housing Market
It has become much easier to research the latest house prices to determine if market conditions are favourable. There are some sites where you can do your own research to predict market conditions for the next few months. You can determine where you might like to buy or sell property and how much properties sold for in that area. Some websites even estimate the current value of houses in the region. You can also get a free estimate of property prices if you know the address and the current state of repair it is in.
It’s a good idea to keep an eye on the property market but don’t jump on the ladder unless conditions are favourable. Given the current climate, house prices are not likely to drastically change over the coming year unless the economy takes a dramatic turn for the worse.