House prices in the UK have been rising in 2018, despite the fact that there’s a lack of homes coming onto the market. Moneywise cited data from Rightmove, showing that asking prices climbed by 0.8 per cent between January and February this year.
The publication also noted that chief economist at the Royal Institution of Chartered Surveyors (RICS) Simon Rubinsohn described this lack of inventory in the market as “a major challenge”.
Despite asking prices going up, the actual price buyers are paying did not increase as much – by just 0.4 per cent in the same period.
Managing director of Garrington Property Finders Jonathan Hopper explained that this means “sellers need to be pragmatic in their pricing if they are to achieve a sale to Britain’s committed but vigilant buyers”.
He also commented that those purchasing a property should be “wary of overpaying”. However, the shortage of new properties coming on to the market will continue to support prices this year.
Speaking to the Express, estate agent in north London Jeremy Leaf said that activity within the UK’s housing market has remained “steady” despite all the economic changes happening in the country. However, he echoed Mr Hopper’s comments that sellers need to be realistic to close transactions.
Property experts are predicting that the market will perform in a similar way to 2017 this year, with steady but modest activity across the coming 12 months.
Hiring property solicitors in Epsom can help ensure that your property sale or purchase goes through successfully and with the minimum hassle for you.