Property prices across the UK have risen considerably with many experts stating that those considering selling a property should do so while demand is currently exceptionally high.
New help-to-buy initiatives and aids for first-time buyers, as well as increased investment in property in the UK, is resulting in a boom with the asking price for properties reaching a new record high of £308,151 with a £1,118 month on month increase according to figures from Rightmove.
Staggeringly, the increase in the demand for property comes despite a rise in the amount of stamp duty paid by buy-to-let investors, however, despite this, there has been a continued increase in the value of property. According to Rightmove, two bedroom properties have seen the largest increase in overall value with such properties increasing in value by £11,298 over the last month alone to reach £194,224 on average.
In some areas of the UK property prices increased by around 18%, however the value fell in other locations.
While many people were quick to get on the property before the tax hike, the demand for property is still exceptionally high with some experts stating that the demand remains higher than supply. With a number of asking prices going up and properties selling at a higher rate than previously, according to many, the current climate is ideal for those who are looking to sell a property.
If you are interested in purchasing a property or if you are looking to sell a property due to the increase in demand, contact our team of expert solicitors today to find out how they can help you through the process.
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