Housing market on the up

Tom Bridge
Tom Bridge

A NEW survey out this month has found that that average asking price of houses on the market has now gone over the £250,000 asking price for the first time.

The actual figure being £252,798 on average. In addition, sellers’ asking prices have risen every month so far during 2013, according to Rightmove, which carried out the survey.

But what was most surprising, and a positive move, was that there was evidence of a wider recovery in the North West, where prices rose by more than 10% in the first half of this year.

While this is good news for home owners with their property on the market, it is bad news for budding home buyers who now have to save up more for their first home.

The rise in average prices can be put down to several factors. There seems to be more confidence returning to the housing market as home owners seem to be more willing to make the move.

The Government’s initiatives to get the market moving also appear to be having an impact.

The Help to Buy scheme, launched in April, gives buyers the chance to experience new home ownership with only a 5% deposit.

This will be rolled out to buyers of older properties in January next year.

For further information on Stephensons’ Residential Property and Wills and Probate services, please call 01942 774395 or visit www.stephensons.co.uk.

Property column by Tom Bridge, managing partner of Residential Property and Probate at Stephensons Solicitors LLP.