Wednesday, February 7, 2018
With so many house price surveys it is hard to know what or who to believe.
In the last week we have had a report from the Nationwide saying that house price growth is strong and was higher than December.
Today, the Halifax has released a report saying that house price growth is weakening and that it is lower than December.
In truth house prices vary from region to region, from town to town and from village to village.
Understanding why house prices rise in one area and go down in another that is not too far away can be complicated.
Families will base their opinions on crime statistics, schools data, and local amenities. Professionals may want to live in cities for convenience of work and their social lives. Towns within commuting distance of major cities can often be price hot spots; and of course London seems to have a market all of it's own.
People will often pay more for their dream home than it is sensibly worth; that's because sometimes a house is worth more to one person than it is to another.
The position of the sun, moon and stars are sometimes blamed for varying house prices.
Economic factors have the greatest bearing on prices. Interest rates, employment rates, average earnings and the availability of mortgages all have an impact.
The impact of the number of houses going into the rented sector and the lack of new building since the credit crucnh has certainly created a shortage of supply that is helping to underpin house prices even as interest rates are starting to come under increased pressure from inflation.
If you live locally and would like to understand more about the value of your property speak to a local independent estate agent.
At Beliong we have almost 30 years of local valuation experience and are more than happy to guide you through the minefield of property valuation.
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