Land of the rising house prices
Posted on 23rd November 2018 at 12:25
We always love to impart a little bit of good news to our clients (and blog readers) – and when that news is related to property, in our opinion it’s twice as good! This week we saw the most recent house sales figures which showed that property prices in the East Midlands are increasing at nearly twice the rate of the UK average.
Yes, that’s an impressive 6.5% increase in the year to August (compared with 3.2% in average across the nation) – and let’s not forget that 2017 in itself was a bumper year where we outperformed most other regions.
Now, there may be some people for whom this price increase is not quite the early Christmas present it is of the rest of us – we’re thinking perhaps those trying to make their first jump onto the property ladder or those looking to upsize quite dramatically. Unfortunately, this may make things a little trickier and make the financial calculations a little tighter, but of course having the confidence to be buying or upsizing in a market which is predicted to keep on increasing is itself a positive thing. Whilst most of us buy our new homes with our hearts – finding somewhere we want to settle down in for a long time - we almost all equally need reassurance that we are making a sound financial investment.
Looking at the bigger picture, this ‘mini-boom period’ for local property also suggests that the region itself is one which is attracting new residents as well as retaining existing ones. This may be due to good transport links, impressive job prospects, high-performing schools, well thought-out regeneration and investment – a whole variety of reasons which re-enforce the fact that the East Midlands is a great place to live.
So, how will Strawberry use this good news? Well, we’ve always been great advocates of living in this area (after all, we all do, and we love it!) but it also reminds us that property, in the right place, is still a great investment. There are few other places where interest rates of anything close to 6.2% can be achieved (and this is before we add the return of any further improvements made prior to re-sale). We also see it as a good reminder for those who have been thinking about selling their property to get the wheels on motion and take advantage of a buoyant market. It may at last be time to leave all the doom and gloom stories behind and feel the kind of confidence that allows everybody to make the move they need and want.
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