UK properties rise by five percent in the last year and adds more value on average home

HM Land Registry New figures show a typical property sold for £225,956 in August, up from £215,143 in the same month in 2016.

Increases over the last 12 months have been largest in the north-west, where house prices have risen by 6.5 percent. This was followed by gains of 6.4 percent recorded in the East Midlands, East of England and the south-west.

“The strength and prosperous nature of the country’s property market has once again been shown in these new statistics.” Kevin Shaw, national sales director at Leaders, explained

“The fact every single region across the UK experienced an increase of at least 2.6 percent in house prices over the last year, shows the market’s resilience despite the uncertainty of Brexit and gives sellers and buyers great confidence to make their next move.

“A significant rise in house prices is good news not only for homeowners who now have more options open to them when it comes to either moving or releasing equity in their property but also for landlords whose rental return is topped up by substantial capital growth that is realised when selling.”

Yet he acknowledges the challenge this presents for first-time buyers.

“Rising house prices are not good news for everybody and can make getting on the ladder less affordable for some.

“This week’s Budget is the ideal opportunity for the government to show it is on the side of prospective first-time buyers by reducing or even abolishing stamp duty for this group,” Kevin said.

The data shows that while the average property is worth £225,956, first-time buyers actually pay an average of £190,792 while those who have previously owned a property typically spend £262,156.

Kevin adds: “Looking ahead to the next 12 months, the outlook for the property market remains extremely positive. With the exception of the prime central London sector, further rises in house prices are expected across the country.

“Demand for all types of homes remains high and supply in many areas is not great enough, so we anticipate a busy and booming market for some time to come.”

 

Manchester Property Prices Rising

Manchester has seen property values in the city have risen by 6.92 percent in the last 12 months, with the average home now worth around £162,000. However, across the whole of the UK, house prices rose by 5.14 pc in the year to July seeing the average move up to £226,185. According to the report, the total value of all homes in the UK is £3 trillion, with two-thirds of the total in the capital.

According to a new study, Manchester’s property market is the third most valuable in the country. Hometrack research found that houses in the city are worth a total of £133bn, behind London and Birmingham, which with housing markets worth £1.99 trillion and £152bn respectively.

Estate agent Ged McPartlin, from Ascend Properties, says news of Manchester’s housing boom comes as no surprise.He said: “The north is certainly booming as the latest Hometrack report has revealed that Manchester is the best city for growth – experiencing a strong increase in house prices.This, along with the total value of homes being worth a huge £133bn creates a truly thriving property market which is showing no signs of slowing down anytime soon.From an agent’s point of view, these figures truly reflect what we’re seeing in the marketplace.Buyers understand that the market is moving fast, competition is rife and it’s generally fastest fingers first. The demand has continued to push prices up and the lack of stock has created marketplace urgency.There’s also been an increase in landlords snapping properties up in the city, particularly throughout June, July and August, as the new university year creates a rush of tenants desperate to secure a decent property before the term starts.It’s been a very busy summer and the growth reported today clearly reflects this.”

The study also showed that mortgage debt in Manchester came to a total of £32bn, while housing equity – the difference between the home’s market value and the outstanding balance of mortgage payments – came to £100bn.

Richard Donnell, research and insight director at Hometrack, said: “House prices continue to rise on the back of sustained price inflation in large regional cities as unemployment falls and mortgage rates remain low.”

 

HOW TO PERSONALISE YOUR RENTED SPACE

Making a rented space your home is a very tricky task especially as it isn’t your actual home, it’s someone else’s and your just renting it. But never fear Property Property Property is here with some tips and tricks on how you can convert your rented space from being just a rented space to your home.

Seek Permission from Landlord

First of all, make sure you have the permission of your Landlord. If you’re fortunate to have a flexible Landlord who doesn’t mind you suggesting and getting some paintwork and upscaling done on the space, then take advantage of that! However, if you’re Landlord is stricter and doesn’t allow permanent changes (even though painting isn’t permanent), still seek their permission for any changes you may be making to their property.

Now let’s begin….

1. Walls

A majority of the time we want to change and customise our walls, because of walls. So we recommend that your use removable wallpapers that reflect your personality in your rented space, as this will bring to life your character and make you feel homier. Also consider doing a faux wall DIY project, an amazing alternative.

2. Sticking stuff

If you’re into gallery walls or just having paintings/quotes stuck up on your wall for inspiration but your Landlord doesn’t want you nailing stuff on his walls, then we’ve got your back! Consider getting some double-sided tape, blu tack or specific customised adhesive tapes as this will ensure that you can get your gallery wall, without the expensive of drilled walls and an angry Landlord.

3. Flexible furniture

This is one of the most important things you can do! Get flexible furniture as you could easily move it around. If you’re tired of the way your space is set up, with flexible modular furniture you can just opt and switch up the structure and layout of your room at any time.

4. Decorate, Decorate, Decorate

Property Property Property advice you’re to Decorate Decorate Decorate! Adding textiles that interest you or changing the lighting accessories; anything that wouldn’t make permanent changes to your rented space but reflects your personality, you need it!

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Also if you have any tips that you could recommend to us, share them in the comments and we’ll be highlighting them in our upcoming articles in the ‘Home Improvement’ series.