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7 Nov

Posted By: David Florence 7th November

Whats Happened This Year?

Nationally

There was a lot of speculation over what property prices were going to do over the last 12 months in the lead up to, and aftermath, or Brexit. Overall, the picture has been much rosier than expected. Month on month, house prices have increased, with a yearly increase of around 7%. The average house price has increased from £218,500 to £235,573 over 12 months.

 

Regionally

Although the South East has seen the greatest rise in prices, the South West has still risen by 5% in the past 12 months, from an average of £286,270 to £298,087.

 

BA14

But what about on a regional level? What’s happened in our neck of the woods – say in BA14 specifically?

 

Over the past 12 months, house prices have increased significantly by 14% with the average price increasing from £221,137 to £252,892 over the last year. Even since Brexit, house prices in the area have continued to stay strong.

 

Forecast

There was a lot of negative forecast post-Brexit. However, the property market has remained strong and in many cases continued to rise. If Article 50 is triggered early next year, the national forecast as far as traders are concerned is that there will be a period of uncertainty. The Financial Times suggests that 2017 will be a year of relative stagnation, although prices are still predicted to rise in the South West by 2 – 3%

 

From 2017, the feeling is very much that ‘normal service will resume’.

 

The correctly prices houses will sell in a good time, but there will always be properties that try to push the prices where there is no demand, this will result in some properties finding it tougher than expected. 

 

If you want an accurate guide give me a call.

 

David

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