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.<\/p>\n\n\n\n
The average price of a UK home increased in June to \u00a3271,613, up from \u00a3269,914 a month earlier.<\/p>\n\n\n\n
Average house prices are up \u00a326,000 in the past year.<\/p>\n\n\n\n
The annual change slowed slightly from 11.2% in May to 10.7% in June.<\/p>\n\n\n\n
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.<\/p>\n\n\n\n
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.<\/p>\n\n\n\n
This month we are looking at prices in Altrincham. According to Home.co.uk<\/a> data the average selling price for a home in Altrincham is up 13% between April 2021 and April 2022.<\/p>\n\n\n\n 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.<\/p>\n\n\n\n For further information on getting your home valued click here<\/a>.<\/p>\n\n\n\n