Record Highs and Falling Asking Prices
- Record Highs: The average UK house price reached a new peak of £298,083 in December 2024. This record high reflects the sustained demand for housing in the UK, driven by various factors such as low-interest rates and a shortage of available properties.
- Falling Asking Prices: Despite this record high, there’s a counterbalancing trend. The average asking price for a UK home dipped by £5,000 in November 2024. This decline suggests that while property values are increasing overall, there might be a slight cooling in the market.
What Does This Mean for Homeowners and Buyers?
While these statistics may seem contradictory, they offer valuable insights for both homeowners and prospective buyers:
- Homeowners: The rising house prices are generally good news for homeowners, as it increases the value of their property. However, it’s important to remember that the market can fluctuate, and it’s wise to consult with a financial advisor to make informed decisions about your property.
- Buyers: For those looking to buy a home, the falling asking prices could present an opportunity to negotiate better deals. However, it’s crucial to weigh this against the overall upward trend in house prices.
Need Legal Advice?
If you’re considering buying, selling, or refinancing a property, it’s essential to seek legal advice. KhanMather’s experienced property lawyers can guide you through the complex legal processes and ensure that your interests are protected.
If you have any questions, please do not hesitate to contact the Property Team on 0161 850 9911.