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House Prices Rise By 8.7% Since June ‘15

Aug 22 2016

While there has been some uncertainty over the property market in the last couple of months, homeowners will be pleased to hear their house is likely to have still increased in value over the last year. 

This is because properties have risen in price by an average of 8.7 per cent between June 2015 and 2016. This might not sound like a lot, but amounts to £17,000 additional value on the cost of your home. 

According to the Office for National Statistics’ (ONS) House Price Index for June 2016, this increase is the strongest the UK has experienced since 2013. Indeed, properties even rose in value by £2,100 between May and June this year. 

This could encourage property owners to stay in their homes for a while to make the most of this house price growth. Instead of spending money on moving, they could invest their cash by renovating their house, such as by installing patio doors in Bristol or a brand new conservatory. What’s more, redecoration work can add even more value to their property in the long-term. 

Indeed, the ONS figures are encouraging for the market, particularly in Na h-Eileanan Siar, Slough and Luton where property values rose by 28.1, 24.6 and 21.8 per cent respectively over the year. 

However, the data is taken before the referendum on June 23rd, which resulted in Britain voting to leave the European Union (EU). 

Since then, there has been a lot of uncertainty in the industry, and a recent study reported by Which? showed that 12 per cent of Brits are less likely to move within the next three years due to Brexit. 

Instead of purchasing a new home, ten per cent of homeowners have considered renovating their property, according to the Plentific research.

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