The average property in England and Wales is now worth in excess of £9,000 more than it was a year ago.
New figures from the Land Registry show the typical value of a home was up to £181,619 in June, an increase of £9,252 in comparison with the same month in 2014. The substantial rise also takes house prices to an all-time high point, ahead of the previous peak of £180,983 recorded in November 2007.
Kevin Shaw, National Sales Director at Leaders, says the sharp rise in house prices is evidence of overwhelming demand from buyers and a healthy market.
“House prices are the highest they have ever been, with homeowners enjoying average capital appreciation of more than £9,000 in the last 12 months and an extra 1.1 per cent in the last month alone,” he explains.
“With the market made up of a higher number of buyers than sellers right now, it is a lucrative time to put a property on the market and sellers can feel extremely confident about getting the best possible price for their home.”
Across England and Wales, house prices grew by 5.4 per cent in the year to June, but in certain areas this rise was particularly steep. For instance, properties in London continue to attract significant price gains, rising by 9.2 per cent over the period in question, while there was an 8.4 per cent surge in the south-east.
Kevin adds: “All parts of the country witnessed an increase in house prices over the last year, so no matter where you live, your property could be worth more than you realise.
“While the largest rises in property prices have been seen in London and the south-east, the east, south-west and north-west have also enjoyed a boom in recent months, making it a great time to sell in these areas too.
“A buoyant market presents an attractive opportunity for sellers to potentially achieve a quick sale at a high price. This can provide you with the funds you need to make your next move up the ladder or to downsize while banking a hefty sum.”
People who have lived in their home for a couple of years or more may not be aware of just how much it is now worth, following substantial increases in house prices over that time, so it can be a good idea to ask an experienced agent to carry out a valuation.
For instance, the average property in London is now worth £481,820, while in the south-east this figure is £247,375 and in the east of England it is £203,428.