How much is your house worth?
New property price indexes have revealed that the average cost of a home in the South East is now £255,325.
The figures from the Nationwide show a rise of 8% for the region in the first quarter of 2016 compared with the first quarter of 2015.
This compared with the average price of a home nationwide at £200,251 – the first time on the Nationwide measure that the price has risen above £200,000.
In the mainstream media, headlines shouted about house prices in the Northern now being less than half those in the south of the country.
As ever, it is not always black and white. The rush to beat the April 1 deadline for Stamp Duty levy or ‘landlord tax’ on second properties may have helped fuel the rise.
Strong employment growth, earning increases, lack of supply and continued low borrowing costs with little prospect of an immediate interest rate rise may also have played their part.
So, it will be interesting to see how the property market plays out in the second quarter of the year with the traditional ‘Spring bounce’.
We were noticeably busier at the start of this year and this has continued into March and April. That was for our wide range of surveys and across the board for our comprehensive range of property related services.
You can see the full price index of the Nationwide prices at www.bbc.co.uk/news/business-35941503 and www.nationwide.co.uk/about/house-price-index/headlines
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You can also email us on [email protected] and call 02392 697193 for advice about all of your property related matters.
New property price indexes have revealed that the average cost of a home in the South East is now £255,325….