‘While we don’t yet know what the annual house price rise for 2014 was overall, it is likely to be significantly higher than most commentators expected 12 months ago.’
The above comment sums up in my view the fact that nobody really knows what house prices are going to do over a period of time, but what we do know is that they went up by at least 10% as an average in this area over the first 6 months of the year, they then levelled out and due to the lack of new supply the increased levels were maintained, but the volume of transactions declined.
As for the changes to stamp duty, which came at the time in the year when they would have the least immediate effect, the impact and benefits will be seen over the coming months with only the election and its outcome determining at what level prices will rise too.
In my opinion, house prices in this area will undoubtedly be higher at the end of 2015 than they are at the beginning with the largest % increases being on properties below £500,000, but this prediction is very much dependent on the outcome of the election and most importantly whether interest rates rise as against just the suggestion that they will.
If you haven’t had your property valued for some time please approach me for a fresh evaluation as you may be pleasantly surprised by the current value of your property.
Stephen Tetlow, Sales Director
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