Raging inflation, the war in Ukraine and the cost of living crisis all seem to be having little impact on house prices locally and across the UK in June 2022.
Will it continue…
Looking at the UK Market
The house price increases over the past two years have largely been due to a lack of supply, high demand and low interest rates. Rightmove data tells us two of these factors might be easing, buyer demand is down 8% and the supply of homes on the market is up 7%. These factors coupled with increasing interest rates are likely to put pressure on house prices in the second half of 2022.
The average price of a UK home increased in June to £271,613, up from £269,914 a month earlier.
Average house prices are up £26,000 in the past year.
The annual change slowed slightly from 11.2% in May to 10.7% in June.
The North West Market
The North West property market was one of the best performing regions in the second quarter of 2022. Price changes in Q2 increased to 13.3% from 12.4% in Q1. Only the South West, East Anglia and Wales had higher annual price changes.
The continued increase in regional prices could be due to the adoption of flexible working and less need to be close to major metropolitan areas for work.
Monthly Focus – Altrincham
This month we are looking at prices in Altrincham. According to Home.co.uk data the average selling price for a home in Altrincham is up 13% between April 2021 and April 2022.
Digging a bit deeper into the numbers the average price of a detached house is a whopping 31% up, whilst an apartment average sale price is down by 26%. This reflects a trend across the UK of people wanting more room and outside areas.
For further information on getting your home valued click here.
Figures from:
Nationwide Building Society HPI Report Annual house price growth slows in June, but remains in double digits (nationwidehousepriceindex.co.uk)
Rightmove House Price Index House Price Index | Property blog (rightmove.co.uk)
Home Home.co.uk: House Prices Report for Altrincham – April 2021 to April 2022
