House Prices In Hemel Hempstead
House prices in the UK rose throughout 2016, with the average home value growing by over £14,000 in total. At the end of the year, the average property price was £222,484. This record figure is 6.5 per cent higher than December 2015. Many people are hoping that house prices will continue to rise in 2017, particularly anyone who is hoping to sell property this year. Forecasts for property prices in 2017 are mixed, but there are several experts taking a positive outlook. If you want to sell your property in Hemel Hempstead, Kings Langley or another location in the area, you should pay attention to house prices to sell at the right time.
There are several things that have the potential to threaten the housing market in the UK. However, so far it has defied the odds and surpassed people’s expectations. For example, after the Brexit vote, it was predicted that housing prices might be affected. But they continued to rise throughout the second half of 2016. One of the things that have helped the housing market to stay strong is lower interest rates, which enable more people to buy. Housing is also in short supply, driving prices up.
There is some worry that these same factors could be threats to the housing market in 2017. The triggering of Article 50 for the UK to leave the EU and the short supply of housing could mean fewer buyers. However, some experts are much more optimistic and believe that neither of these things will have an adverse effect on housing prices during the year. Predictions of property prices were also worrying last year, but the market defied the odds and remained resilient. The same could happen this year, even with some economists feeling less than confident in the chances of housing prices continuing to rise.
It’s also important to look at individual data for different locations across the country. While it’s useful to analyse average prices, they can be very different in various regions. In Hemel Hempstead, overall property prices were up by 8 per cent at the end of 2016, compared to the previous year. When compared to prices in 2013, it’s an incredible 33 per cent rise in cost. In Kings Langley, property prices were up 14 per cent at the end of 2016, in comparison to 2015. Similar rising figures can be seen in other places in the surrounding area, such as Apsley and Boxmoor.
If you are selling your property in Hemel Hempstead or Kings Langley this year, you may have picked the ideal time to sell. An increase in mortgage approvals towards the end of 2016 could mean an increase in property sales in the first few months of 2017. The area is a popular choice for people who commute into London and many people are electing to leave the capital to live elsewhere. Members of the Royal Institute of Chartered Surveyors (Rics) predicted a positive 3 per cent rise in property prices in 2017.Published Date: Jan-30-2017