Are you thinking about selling your house and moving but aren't sure what to do?
In September 2021 there were 15% more house sales than in September 2019 which was considered a normal sales year! The demand for houses is still really high with demand massively outstripping supply - great if you are a seller! Prices are still good with buyer's paying what they need to pay to secure the property they want to buy.
Potentially interest rates are going to increase, so now is the time to either look at your current mortgage rate and see if you can re-mortgage and get onto a better fixed rate for 2 or 5 years, or, look at moving and take advantage of potentially being able to achieve the best price for your home in a really buoyant market whilst securing a great mortgage deal.
If you want more information about how ODOS Properties & Partners can help you, please get in touch by calling 01531 825736 or emailing James@odosproperties.co.uk to see how we could help you.
Alternatively, search for your local branch here.
"18 October 2021 – Rightmove House Price Index
Records broken across all GB regions for first time in 14 years
Average property price hits all-time high of £344,445
Monthly average price increase of 1.8% is largest in six years
Average British home worth £50,000 more than in 2016
The property portal’s house price index shows that the average price of properties coming to market jumped on average by £5,983 in October 2021. Rightmove said the month-on-month rise of 1.8% is the largest since October 2015.
UPDATE 7 October 2021: Halifax reports record average house prices
Average UK property price £267,587 highest on record
Annual house price inflation up to 7.4%
Prices in Wales and Scotland continue to outpace UK average
UPDATE 28 September 2021: House Price Inflation Hits Young And Low Paid In Tourist Hotspots – ONS
Rising prices and rents forcing low earners away
Hospitality sectors struggling to recruit staff
North Wales, Devon and Yorkshire seeing high inflation
The Office for National Statistics (ONS) is warning that rising house prices and private rents in rural and coastal areas are increasingly pricing low-paid and young workers out of areas where they live.
It says this has implications for hospitality businesses in these areas because it leaves them unable to fill job vacancies.
The ONS reported that house prices in locations such as Conwy in North Wales (25%), North Devon (22%) and Richmondshire in the Yorkshire Dales (21%), each rose at more than three times the national rate in July 2021.
In addition, areas including the Derbyshire Dales, Powys and Eden in Cumbria each recorded house price rises of 10% or more every month between January and July 2021.
By contrast, the seven areas that each recorded house price falls during July were all in London, including City of London, plus the boroughs of Westminster, Lambeth, Camden, Islington, Lewisham and Newham.
According to the ONS, workers in tourist hotspots earn less on average than people who live there. As an example, it referred to residents in the Cotswolds in April 2020 who earned nearly 29% more than people who were employed in the area.
The ONS added that there were similar differences between the earnings of residents and workers in other tourist areas such as the Derbyshire Dales (27%) and Allerdale (24%) in the Lake District.
For full-time employees, the median hospitality salary in April last year was £22,779, a figure that was 28% lower than the national average of £31.461.
The ONS also said that hospitality workers were the most likely to be furloughed during the pandemic. As a result, tourist hotspots were among the areas with the highest average furlough rates during this period.
HINT: By Monday afternoon (18th October), the money markets were pricing in an 85% chance of a rate rise from 0.1% to 0.25% at the Bank’s next monetary policy meeting in early November.
Traders see borrowing costs rising again next year, to 0.5% by February and to 1% by August, according to the latest pricing."
sources: The Guardian, Forbes, Rightmove