Property asking prices increased across the whole of the UK in October, the first time average asking prices broke record levels across all regions since March 2007, a very rare event.
The average asking price increased by nearly £5,983 in a month, according to Rightmove's monthly house price index.
Regionally, the North West of England and Wales saw the highest increases of 2.3%, with prices reaching £232,639 and £237,830 respectively. Both the South West and London experienced increases of 1.9%, with prices reaching £359,906 and £650,683.
The average UK asking price increasing by 1.8%, the biggest increase for this time of year since October 2015. The average property asking price is now an average of £344,445, an increase of 6.5% from October 2020.
The number of sales being agreed increased by over 15% compared to the same period in 2019, showing no signs of slowing down after the Stamp Duty Holiday came to a close at the end of September. Competition between property buyers is therefore increasing the ability for property owners to ask for more money for their property.
The increase in the volume of sales is thought to be due to buyers wanting to secure mortgages at a lower rate of interest and pay less, in anticipation of an increase in the Bank of England’s base rate, which is expected by year end.
As the secondary / re-sale market experiences high levels of competition between buyers, prices are increasing; therefore, we look a more savvy way of investing in property to secure below market value property for investment.
Buying property that is off-plan, or, under construction allows the buyer to secure a property at a good price with a small deposit and benefit from increasing property prices during the period of construction.
Our focus is on below market value property in the North West of England:
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