CPS Homes

House prices are surging at the fastest rate in nearly two years, according to the UK's biggest building society...

As the kids return to school the sun is shining brighter for September (typical!). The significant price hike announced today is great news for anybody looking to sell their home as we move into Autumn. We're certainly feeling optimistic moving into the final months of 2024.

According to Nationwide, property values across the UK increased by 2.4 percent year-on-year. This means the average home costs £6,222 more than this time last year, with the average sale price now standing at £265,375.

Early Autumn could be a fantastic time for homeowners to consider selling and capitalising on the rising values - so book your free valuation with our team today!

Nationwide's Chief Economist Robert Gardner commented:

"Providing the economy continues to recover steadily, as we expect, housing market activity is likely to strengthen gradually as affordability constraints ease through a combination of modestly lower interest rates and earnings outpacing house price growth." "Providing the economy continues to recover steadily, as we expect, housing market activity is likely to strengthen gradually as affordability constraints ease through a combination of modestly lower interest rates and earnings outpacing house price growth." 


Tom Bill, Head of UK Residential Research at Knight Frank, added: 

"The UK housing market is in a better place than it was last summer as inflation comes under control and lenders trim their rates. Financial markets are pricing in another cut this year and as mortgage rates fall this autumn, it should underpin transactions and modest single-digit price growth."

The new data from Nationwide's House Price Index also shows that buyers are increasingly willing to pay a premium for energy-efficient homes, contributing significantly to rising prices. Homes with an energy rating of A or B sell for an average of 2.8% more than those with a D rating, the most common.

While the government aims to upgrade homes to band C by 2035, Nationwide notes that the pace of energy improvements is "relatively slow." The current rate of insulation installations is a fraction of its 2012 peak.

Sellers who have been hesitant to list their homes this summer are now feeling more optimistic about market conditions and are listing their homes for sale. Thinking of joining the trend? We'd love to chat! 

Our team at CPS Homes is here to help you navigate the selling process and get the most out of your property. Speak to our team today on 02920 454555 or email sales@cpshomes.co.uk. You can also book a free valuation directly on our website here.

30 August 2024

    The information contained within this article was correct at the date of publishing and is not guaranteed to remain correct in the present day.

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