MARCH HOUSE PRICE INDEX RELEASED BY THE ONS
Thu 21 May 2015
The Office of National Statistics released their monthly House Price Index this week will all figures indicating that the pace of annual house price growth has increased across the majority of the UK, with Surrey and the rest of South East fuelling much of this growth.
Seymours is expecting this increase to continue during the coming months following the stability offered by the appointment of an overall majority Conservative government.
Over the past year UK house prices have increased by 9.6% up from 7.4% in the year to February 2015. The figure for Surrey is higher at 10% with towns offering direct train access to London, such as Guildford and Woking showing even greater increases – 13% and 12% respectfully.
Not surprisingly average house prices in the South East remain higher than the national average of £273,000 with the average house price coming in at £339,000, with the exclusion of London. The figure for Surrey is closer to the £450,000 mark.
For those looking to buy, now is the time to make your move. We’re predicting these price increases as the start of a continued upward house price trend, particularly as a result of the increased confidence in the housing marketing and the economy as a whole since the General Election result.
John Ferrucci, Director of Seymours in Woking’s lettings office, comments:
“The latest House Price Index figures are good news for homeowners, together with those looking to let out their property, as they reflect a degree of security that goes with home ownership, particularly in Surrey where house price inflation exceeds the national average. The publication of the House Price Index also comes at a time when there is increased confidence in the housing sector following a decisive General Election result. This is likely to result in a more stable housing market than we’ve seen for some time and ongoing growth in the sector as a whole.”