Many people may be unaware of just how much their property has risen in value in recent months and how the increase could help them make their next move or release a substantial amount of equity.
The latest figures from Zoopla show a 3.62 per cent hike in house prices across the UK in the last 12 months, adding £10,930 to the value of an average property. When it comes to semi-detached houses, the increase in value is a huge 5.61 per cent, which is typically worth £14,556.
Variations have also been evident on a regional basis, with Rightmove recently reporting that some parts of the country have enjoyed house price growth of up to six per cent in the last year.
Kevin Shaw, national sales director at estate agents Leaders, says: “If you own your own home, you will understandably be interested in how much it has risen in value both recently and since you bought it.
“The good news is prices have increased in almost all parts of the country in recent months, leaving homeowners better off than they may realise. Rising prices are evidence of a strong market and give you an opportunity to sell up and make your next move, whether that is up the ladder, switching to a new location or moving to release equity.
“Inviting a reputable estate agent from your area is the best way to get a clear idea of exactly what your home is worth, with good agents aware of all the local trends and factors that will determine an exact value.”
Young people were boosted by the government’s announcement in the Autumn Budget that it is scrapping stamp duty for the majority of first-time buyers, taking thousands off the cost of getting on the property ladder.
Kevin adds: “Buying your own home is an ambition for many young people and capital growth is one of the primary reasons for doing so. As a homeowner, you will be in pole position when it comes to benefiting financially from any price increases.”
For more information about house prices in your area a free, no-obligation valuation.