We are now seeing a consistent rise in the number of properties being bought to market as we enter the 3 month of the year. Hopefully this will continue as supply and demand still plays a major factor in the housing sector.
There have been a number of cities throughout the UK that have seen a particular rise in value and this has given buyers food for thought as to whether to widen their search when looking for their next home.
Rightmove* has reported that the average property price has increased by 2% (£5986) in February and this should remain throughout the rest of the first quarter.
Lenders are still looking to compete with each other with the offerings of incentives – historically, a free valuation was predominantly offered on re-mortgage business, however, there are a few lenders now introducing this for house purchase. Of course, they want more business, but perhaps they too are finally showing the real understanding of how hard it can be to find the numerous upfront costs that can be associated to purchasing a home.
Statistics on Rightmove have also shown that sellers are 40% more likely to sell their home if it is priced right when it first goes on the market. A higher price for your property may sound attractive but how realistic is it? Always get a couple of valuations and discuss further with your agents.
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