What's happening with house prices?

Reading the national headlines, you would be forgiven for feeling a little confused as to what is actually happening in the housing market, given the contradictory information being presented.

Rightmove recently reported that “Spring activity boost pushes asking prices close to new record”, whilst the BBC reported that Halifax data showed “UK house prices fall for first time in six months”.  Other headlines have highlighted that “RICS: Buyer demand hits four-year high in time for spring” whilst again the BBC reported on finding from the Building Societies Association “first-time buyers face toughest test for 70 years”.  

In truth, an asking price can sometimes be the net result of an enthusiastic estate agent trying to massage the ego of an optimistic seller.  When stock levels are low, as they are presently, some agents will over-value a home’s worth, or not dissuaded overly hopeful price expectations, in a bid to secure market share.    

The true acid test for a property’s price, is whether a buyer is willing to pay what is being asked. The fact is that buyers are really having to test the affordability ratios, so are keen to secure a property which offers the best perceived value.  

With stock levels as they are, if you are motivated to sell, pricing correctly is absolutely critical and so too is the advice of a trusted professional.   If you are thinking of selling, choose an agent who has ‘sold’ boards, not the one with the most ‘for sale’ boards.  

If you want to talk about the true market value of your home, we would be delighted to offer you some advice.