Latest figures are showing that UK house prices are continuing to rise due to it still being very much a sellers market, this is due to the lack of new stock coming to the market.

New data from the Land Registry (taken in November 2021) shows prices are rising each year by around 10%, as buyers are competing against each other to secure properties. Will the lack of supply keep the prices high?

We have also noticed that some of our properties at G Herbert Banks, which had been on the market for a longer period compared to others were also generating a new healthy level of interest and in turn having now agreed sales, this reflects people’s urgency to move and willingness to look at property they may have not previously considered.

Interest rates also remain low, which helps with the short-term affordability of higher purchase prices with some offering mortgages with rates below 1%.

The residential sales department remains strong here at G Herbert Banks with a healthy level of completions taking place and also the number of new listings we are having the pleasure to deal with. Due to the low stock level, we are also finding that many of our sellers are offering ‘no onward chain’ in order to ensure there are no hold ups and their sale completes as in most instances the selling price they have achieved has been strong and above asking price.