Our analysis of data provided by the Land Registry shows that the average property sale price in GU postcodes has grown by more than 20% since the first quarter of 2013.
Comparing data from the first quarter of 2013 and the figures from the third quarter of 2014 the average value of a property transaction has risen by an incredible 23.5% from £336,915 to £440,794. That means on average over 1% per month change in value!
Types of property have experienced different fluctuations in value. When comparing Q3 2013 with Q3 2014 Land Registry Data the 12 month results seem less dramatic than the 21 month period, though still show a striking increase in property values;
- Detached houses up 15% in value
- Semi detached homes up 14% in value
- Terraced property up 10% in value
- Apartments and Maisonettes up 8% in value
Such increases are unprecedented in recent years and are definitely not sustainable at this level, price growth in 2015 is expected to be slower. Many stabilising factors are at play; although mortgage providers have tightened up to deliver responsible lending we have also seen some of the lowest fixed rate mortgage deals on offer for many years, and although wage growth is slow, interest rates are also staying low which continues to be favourable for borrowers.
The news, land registry data and property websites all provide general information on property values however none of these measures can exactly identify the value of your property. To get a true an accurate valuation of your home contact your nearest Mackenzie Smith office where our highly experienced and knowledgeable senior client managers will arrange to meet you at your home.
Only by seeing first hand the exact location, layout and condition of your home will be able to provide an accurate valuation and market appraisal.