Experts claim that the British property market has been under threat. According to their statistics, British house prices have dropped by £29 billion since the start of the year.
A leading property website reported it and said that it has put the total valuation of homes across the UK at £7.93 trillion, which is down an average of £1,004 per house since January. This means that this plummet equates to a decrease of around £11.15 per property per day, a worrying fact for the British property market.
For example, in Bridport in Dorset, they have witnessed the biggest drop in property values in the three-month stretch. They saw a 2.06% drop. On the other side of the story, Wales has enjoyed their prices increase over this time, with a 0.4% rise since the beginning of this year.
England alone has witnessed a fall by an average of 0.41%, so the British property market may appear unstable, very important for any property website who are looking to develop over the coming months with hungry investors by their side. Property values are essential to stay aware of.
Scotland has seen a slip of 0.08%, not as bad, but it still isn’t a positive situation for them either.
Despite these decreases though, the entirety of Britain has seen a 1.44% increase. The introduction of softer property values for the British property market has meant a continuation on low mortgage rates. This is good news for first-time buyers who are desperate to climb the property ladder.
As a property investor, monitoring price fluctuation on property/properties is fundamental in the investment process. Staying on top of property values in the British property market helps a person or a company to foresee the future, be prepared for the future and to strategically plot their future property moves as wisely as possible.
Written by Gemma Smith