Salisbury estate agent issues advice after new record average for UK house prices
The average house price has hit a record high
House prices have gone up by over 10% in May compared to the previous year according to the Nationwide Building Society
Their house price index went up by 10.9% annually in May, marking the strongest growth in nearly seven years.
Across the UK, property values hit a new record average of £242,832 – up by £23,930 compared with 12 months earlier.
What has made house prices go up?
The figures prompted debate among experts about whether the house price boom could be followed by a bust.
House prices were up by 1.8% month-on-month following a 2.3% increase in April.
Robert Gardner, Nationwide’s chief economist, said:
“The market has seen a complete turnaround over the past 12 months.
“A year ago, activity collapsed in the wake of the first lockdown, with housing transactions falling to a record low of 42,000 in April 2020.
“But activity surged towards the end of last year and into 2021, reaching a record high of 183,000 in March.”
He said the spike in sales was helped by a stamp duty holiday, which was due to end in March but later extended.
He added:
“A lot of momentum has been maintained. Our research indicates the extension to the stamp duty holiday is not the key factor, though it is clearly impacting the timing of transactions."
How can first time buyers help themselves?
Jamie Maslen from Oliver and Chandler Estate Agents in Salisbury has given us some tips for first time buyers.
With the average house price now nearing £250,000, it can be difficult for people to get onto the property ladder early.
Jamie said:
"I think the main struggle is getting the property itself, so my biggest tip would be don't wait for things to come online and go and view them, go and speak to your estate agent as often as you can. Go and knock on the door and say what have you got coming on in my price budget and get your face known and remembered because then estate agents will see a house that may suit you and then let you know about it.
"Secondly, just make sure you've got your finances ready, you've spoken to your mortgage broker, you know exactly what you're going to borrow because when you go and offer on a property, the seller has got to have confidence in you as a buyer and if you haven't done any of those behind the scenes checks, then you'll miss out."
Other things people have bought during the last 12 months
Well it seems a lot have people have been buying houses, here are some other strange things people admitted to buying during the lockdown!