How much has your house gone up in value?

Fri 27 Mar 2015

Leaders sold board in a street of houses

If you own your home, it is only natural that you will wonder how much its value has increased during your time there and where you could afford to move with the proceeds of any sale.

Those of you who have owned a property for several years will almost certainly be in control of an asset that is worth substantially more than it was when you purchased it - and that is illustrated by Rightmove’s latest statistics on the subject.

The property portal’s House Price Index shows the asking prices attached to sales properties have doubled over the last 15 years.

When the first index was launched in December 2001 it showed the average asking price was just £127,882; today it stands at £281,752.

Despite the fact the UK has experienced a major economic downturn in this time, resulting in a boom and subsequent bust in the property market, anybody who bought a property in 2000 is likely to be sitting pretty right now.

Capital growth is one of the primary reasons so many people choose to invest in bricks and mortar and why doing so remains an ambition for a huge number of young people. Homeowners are in pole position when it comes to benefiting financially from sharp upturns in prices in their area.

There might be some bumps along the way - just as there will be with almost any type of investment - but the numbers prove buying a property is a lucrative move.

Coincidentally, I started work in the property industry 15 years ago, and looking back at the asking prices then in comparison with the current market certainly makes me happy I got on the ladder the same year I started working in the property market.

In recent years choosing to rent a property has been a convenient and more flexible way for people to acquire housing, but it is no surprise when you look at how much capital growth can be over a medium to long-term period that the majority of adults still want to own and climb the property ladder.

If you would like more information on how much your property is now worth, contact your local Leaders branch today for expert advice and local market insight.