While recent improvement in the UK property market has felt slow but steady, the spring surge has brought with it encouraging signs for estate agents and those involved in the property marketing process.
Fastest Property Price Rise in Two Years
The average house price in the UK went up by two thousand pounds this month – the quickest month on month rise since November of 2011.
Figures from the Nationwide House Price Index show that the cost of an average home in the UK is now £167,912 – up from £165,586 just a month ago.
Now industry pundits are cautiously predicting that the market could be “gaining momentum” – a prediction that is borne out by a range of factors monitored by property marketing commentators.
Nationwide chief economist Robert Gardner said the average house price rise could be attributed to a number of things – with the availability and affordability playing an important part.
He explained: “There has been an improvement in the availability and a reduction in the cost of credit, partly as a result of policy measures, such as the Funding for Lending Scheme. Indeed, mortgage rates have fallen back towards all time lows in recent months.”
However, he also issued a caveat for homeowners and house hunters, reminding them that what goes up may also come down – something that is always a concern in the current economy – meaning that those seeking to purchase property should continue to give careful consideration to any purchase commitment.