Richard Stovold, from Seymours Estate Agents, gives his view of the property market
Historically, homeowners have found themselves making more money from the annual increase in the value of their property than from their take-home pay. However, recently released figures from Halifax have revealed salaries in the UK are currently rising faster than home values.
Less than eight per cent of the nation’s districts saw average house prices increase by more than the average total post-tax earnings for the area in 2018. In previous years home values had increased in 18% (2017) and 31% (2016) of districts.
This is potentially great news for first time buyers, who may find that rising salaries can afford them a better property than they had thought.
Other good news within the housing market is that the number of sales failing to reach completion has fallen this year compared with last – just one in four during the first quarter of 2019, compared with almost half (49.8%) in the last quarter of 2018.*
This is a good sign that confidence in the market is returning or at least that those braving the uncertain property market are serious, committed buyers and sellers
Locally here in Surrey, we’ve been tipped as the happiest county to live in the UK with four boroughs listed in The Royal Mail UK Happiness Index top 10 happiest places to live in the country.
Winchester claimed the top spot on the index; however Surrey was the only county with more than one district listed within the top 10 – Waverley, Surrey Heath, Elmbridge and Epsom & Ewell.
Meanwhile another Surrey borough, Woking, has been named the best place to live in the UK statistically by a new interactive tool,** which takes into consideration average salaries, house prices, length of time houses are on the market before selling, crime rates and life expectancy of inhabitants.
This is great news both for those buying and selling in Surrey and evidence that buying in this area continues to be a good investment.
*According to figures from Quick Move Now.