It will come as no surprise that house prices are increasing. Enable’s IFAs in Bishops Stortford have been seeing house price rises all over the country. “One in five homes in the UK have risen in value by more than the equivalent of a years’ salary over the space of 12 months.” says new research from Zoopla.
Their data found that there are 4,635,000 private homes in the UK that rose in value by more than £30,500, the average UK salary, in the past 12 months. Homes in the South East are the second highest top earners compared to the average salary. 28% of properties increased in value by more than the average regional salary of £32,900 over the last 12 months.
Home values in some commuter hotspots have also outperformed local salaries over the last 12 months. In Mole Valley, Surrey, more than half (54%) of homes increased more than the average local salary, and in St Albans, that figure stands at 46%.
The shift among some homeowners from urban to more rural living during the pandemic has also resulted in house prices rising faster than local salaries in more rural and coastal areas. In Hastings, East Sussex, 62% of homes increased in value more than the average salary in the area of £25,800 in the past year.
Andy Marshall, chief commercial officer at Zoopla, commented: “there’s been strong demand from home buyers since the market reopened after the first lockdown in May last year, compounded by the search for space and the stamp duty holiday.” Enable’s IFAs can help you look at your property assets and find the best way to help make them work for you.
Think carefully before securing other debts against your home. Your home may be repossessed if you do not keep up repayments on your mortgage