House prices continue to rise overall, despite a slight dip most recently.

House prices are continuing to rise, with lower levels of new instructions coming to the market recently and despite the recent increases, low interest rates still prevail.

Our residential sales team at G Herbert Banks are delighted to report an influx of new property instructions, coming forward into this buoyant Spring Market.

Alexandra Bennett our Residential Sales Manager says:

“We are seeing one of the busiest springs on record, with 12 new sale instructions in the next week alone. It continues to be a strong market, with at least 5 interested parties per property. Every house we are selling right now is going to best and final offers.”

In a recent study, The Office for National Statistics (ONS) advised of a 9.6% growth in house prices across the UK for January 2021 – January 2022.This has led to the average price of a house in UK has rising by £24,000 in one year. Key point of the report include:

• UK average house prices increased by 9.6% over the year to January 2022, down from 10.0% in December 2021.
• The average UK house price was £274,000 in January 2022, which is £24,000 higher than this time last year.
• Average house prices increased over the year; in England to £292,000 (9.4%), in Wales to £206,000 (13.9%), in Scotland to £183,000 (10.8%) and in Northern Ireland to £159,000 (7.9%).
• London continues to be the region with the lowest annual growth at 2.2%.

If you wish to discuss the market potential of your property, please chat with Alexandra directly by calling 01299 896 968 and to view properties for sale with G Herbert Banks, please click  here.