Richard Stovold, Director at Seymours Estate Agents, comments on the fast-moving property market in Guildford
“Annual house price growth overall in the UK ended 2016 at 4.5%, the same as in 2015, and, month on month, prices increased by 0.8% taking the price of an average home to £205,898. In Guildford, however, prices increased by 2.56% in the last 12 months with an average house price of £571,324 – almost three times the national average.
Despite uncertain times ahead both politically and economically, property prices are heading upwards slowly but surely. We continue to think that a small price gain is more likely than a decline in the Guildford market throughout 2017, with low interest rates expected to help underpin demand and a continued shortage of homes providing support.
Property has always been a safer long-term investment and so it is important to take a broader approach when looking at price growth and, if you look at the past five years, property prices in Guildford’s central GU1 postcode have increased by almost 50% since 2012.
Record prices continue to be achieved for properties in the town centre and strong competition remains for flats and Victorian homes within walking distance of the station, in particular.
Guildford also tops the charts when it comes to areas (outside London) with the most £1m-plus streets – 184 of the town’s roads have an average property value of over £1m – and we expect family homes in the £800,000 to £1.5 million price bracket to continue to achieve their asking price.”