20th April 2016
The average UK asking price has now reached a record high of £307,033 according to the latest index report from Rightmove equating to a 1.3% increase in April alone. Market activity was increased due to the rush of buy to let investors trying to beat the Stamp Duty Change at the start of April.
The stamp duty deadline appears to have given a boost to the bottom of the market which in turn increased the higher sectors of the market. Rightmove also experienced a record number of visits to the site in March.
‘The further demand boost from those looking to complete before 01 April has now dissipated, resulting in a 1.4% drop this month in the average price of a property coming to market in the first time buyer and investor sector,’ said Miles Shipside, Rightmove director and housing market analyst.
‘However, the momentum it created looks to have enabled owner occupiers of these properties to trade up. This has built an onward chain reaction of higher demand in higher price brackets as more people can move,’ he explained.
Here at Choices we believe that this only further quantifies our opinion that the market will see growth throughout 2016. This will drop to a more manageable level than we have seen over the last couple of years but the time now is to ensure you are buying in the right locations. For example, have a look at our latest case study on the city of Hull and why we believe it is the best opportunity for investors currently.
For more information, fill in the form on the contact us page or call us on 01342 840050 and we would be more than happy to speak with you.