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What’s happening to house prices in the Bradford region?

What’s happening to house prices in the Bradford region?

What's happening to house prices in the Bradford region?

It seems there are more positive signs of a housing market recovery across the UK with the latest market survey from the Royal Institution of Chartered Surveyors (RICS) for September 2013 reporting house sales reach a four-year high.

The data is based on the number of house sales per Chartered Surveyor recorded per estate agency branch taking a three month rolling average. The average number of properties sold on this basis in the 3 months to September 2013 was 18.7. The highest figure since November 2009.

The market survey also announced that it showed house price growth across the UK apart from the North East where prices fell slightly for the second month in a row.

Meanwhile the building society, Nationwide, report a North-South divide in house prices. This of course has always been the case even at the height of the market, which is considered to be 2007. However, this divide seems to have expanded by an average of £100,000 or 74% for typical property in the south and a home in the North.

Nationwide also conveyed that house price falls in August were recorded in the North West, North East, Yorkshire, the Humber and Wales compared to the same time a year earlier.

It is clear that the market is beginning to look more positive fuelled by southern regions including property hot spots such as London. Locally in the Bradford region property prices have been relatively flat with BBC Look North reporting recently that a 0.6% increase was reported.

At Black Horse Property we have seen an increase in offers closer to asking prices over the past few months, an increase in market appraisals / valuations and new instructions. Many homeowners looking to sell are more positive than their equivalents 12 months previously. This is largely due to the "positivity" in the new headlines about national house prices and the Government Help to Buy scheme. The fear of the latter is that the scheme may ignite another unsustainable property bubble. Only time will tell?

So, what is happening to house prices in the Bradford region? In short they remain relatively flat although there are more positive signs in the market place both nationally and locally with an increase in offers and activity. It remains to be seen what impact the Government's Help to Buy scheme will have locally, although will allow property to be "more affordable" for prospective purchasers.

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