A number of locations across the south of the country have been identified as house price hotspots, where property values have recently risen at a significantly higher rate than the UK average.
In the 12 months to May 2015, house prices across the country increased by an average of £11,500, according to the latest UK Cities House Price Index by Hometrack. However, in Cambridge, Bournemouth, Oxford, Portsmouth, London, Southampton and Bristol, the figures were even greater, underlining the extent of the boom in the local property market at the moment.
A number of factors are said to be behind the surge in the value of property in these cities, including robust demand from buyers and a strong local economy.
Kevin Shaw, national sales director at Leaders, said: “These cities are great places to live, work and invest in, so it is no surprise that house prices continue to rise at a rapid rate. We have certainly noticed properties are selling at considerably higher prices than they were just a few months ago.
“What’s more, substantial demand from buyers means many properties are attracting offers within just days of being put on the market.”
In Oxford, house prices rose by 12.3 per cent over the course of the last year, while this figure was 10.9 per cent in Bristol, 10.1 per cent in London, 8.3 per cent in Southampton, 8.2 per cent in Portsmouth, 7.1 per cent in Cambridge and 6.6 per cent in Bournemouth.
Kevin added: “While the last year has been a positive time for the property market, the period since the general election in early May has been even more successful. More people are benefiting from the improving economy and pre-election caution has been replaced by soaring confidence.
“I would strongly advise anybody who is thinking of selling a property to do so at the current time, as sky-high demand for everything from one-bedroom flats to large family homes is assured and prices are high.”
It is not only over the last year that house prices have been heading in the right direction, as the statistics also show post-election confidence has resulted in a 0.8 per cent rise in May on a month-to-month basis, some 3.8 per cent above 2007 levels.
For advice and information you can trust on selling a property, contact your local Leaders branch today.