A check on UK average house prices by region indicates that 2012 was a fairly stable year when comparing property price figures. Researching the annual house prices there hasn’t been much change in the past 12 months. The below house prices from Halifax, shows that in every month in the past year prices have hardly dropped, the difference between November 2012 and November 2011 is a few pounds!
So what does this say about the housing market in 2012 and and what can we expect in 2013. It appears that 2012 was a year of recovery with localised demand increasing average house prices. It also says that homeowners have come to the reality that they need to price their homes realistically to achieve a sale. Now that owners have mentally got to this realistic state I anticipate more movement in 2013.
Mortgages are still the key for increased activity and I am very encouraged by mortgage companies such as Nationwide that are now offering 5% deposit mortgages. I am sure other mortgage lenders will soon follow. Rents continue on the waty up as demand is outstrips supply. It will be cheaper to buy than rent with our low interest rates and this will help kick start many who felt resigned to staying put in rental property.
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2013 will see more activity , house prices rise in local areas but also remain realistic as the market starts to move again.
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House prices by region
|Outer South East||£200,276|
|Yorks & Humberside||£134,633|
Yearly house price change
|Month*||Annual change||Average price|