Over the last 2 months (November and December) the UK has seen the biggest 2 month drop in house prices for 6 years with an average of £10,000 being taken off the asking price for UK homes. Why is this happening and what does it all mean for people trying to sell their house quickly in the Wales and the rest of the UK?
The Numbers
Asking prices dropped across the UK by around 1.5% from November to December this year. This take the average house price down to £297,572, this may seem high but if you take into account the average price in London is still over £600,000 it is easy to see why this average figure is skewed. London prices are still dropping though so no where is safe!
The biggest drop in prices was actually in London but the South East and the North East also saw large drops.
Welsh House Prices
While other parts of the UK are suffering North Wales is actually see a rise in property prices and Wales as whole saw the highest annual growth rate in property price. Welsh property is also selling the fastest so the new is not all bad.
Overheated South
Some commentators are suggesting the property market in the South of the UK simply overheated and needs time to cool off. prices consistently rose in the South for a long period and as other factors affect the market it seems to have been hit badly.
Property For Sale
One factor that may be involved in the lack of stock. There simply isn’t as many properties on the market as there were in previous periods. However, less stock could actually push prices up so there are other factors at play here.
Brexit
There is very little doubt that Brexit and all the Surrounding uncertainty is causing some problems. Regardless of which side people are on they seem to be holding off selling and buying until the UK knows what is actually going to happen. There is an overall slow down and property prices are just part of it. It is understandable that some people want to see how things pan out before buying a new house but for those who need to sell quickly is it a bad situation.
Thankfully the Welsh property market seems to be doing OK but it is by no means immune. If you are trying to sell you house quickly then get in touch with our friendly team and we will get you an offer and can even buy your home within 2 weeks. We can help no matter what your financial situation is. Don’t risk rices falling in Wales too; if you want to be sure of a sale let us take the stress out of it.