Sold House Prices, How Much Properties Have Sold For Since 1995
Are you selling and need to compare your property with what has sold previously in your area? Find out YOUR home’s value using our free valuation tool.
The best way to check for sold house prices is to use land registry sold house prices data from the land registry website which will then tell you what a particular property has sold for in the UK. This is useful if you want to look at how to price your own house for sale in the current market. Sometimes you may get lucky and there will be the same house as yours, sold recently. This is as good an indication you are going to get in working out how much your own property is worth.
This is how Flying Homes assess House Values, by referencing how much a similar property is selling for and how much a similar property has sold for historically.
Of course this methodology for ‘pricing your home to sell’ is weak if there are few recent sold houses for comparison. Then it’s a matter of finding similar houses but further away, and this means that the compartive house values will be less accurate.
Sold House Prices Across The UK
Currently the market is a little mixed, with some up market house builders in the South of the UK, (such as Berkeley) reporting an increase in profits, as reported in the Guardian Online on 19th June 2013. In other parts of London, such as Brixton, ‘This is Money’ reports that there are 100 buyers for every property and ‘This is Corwall’ reports that local estate agents say that confidence is growing with rises in property prices. Indeed one property in Balham, London sold at Auction for 70% more than the listed price, according to the London Evening Standard.
‘Up North’ things are different. In Blackpool some sellers are using the likes of Gumtree to advertise their homes for sale in a desperate bid to get a sale. Bad news continues in Cumbria where it was reported just over a week earlier that average house prices have slumped by 16%.
Mixed Messages – South going well, North not going so well
So basically mixed messages from the market at the moment. Up market, and/or in or around London and the South then it’s good news, anywhere else, especially in the North then it may not be such great news.
The Telegraph suggests hiring an attractive estate agent as a way of getting the price you want as buyers are more inclined to make a better offer – seriously, well what will they come up with next?! Maybe that’s the answer for all you would-be sellers in Cumbria or Blackpool, find a good looking estate agent like us!
What did a house sell for in my street, how much did my neighbour pay and how much is my house worth?
There are a number of useful resources to research and learn more about sold house prices in my street. For example:-
- Rightmove Sold House Prices can also help you to find out what a house sold for (as obviously can the Land Registry mentioned above). But in addition Rightmove has a couple of other useful tools such as a price comparison report and a house price trend indicator.
- House-Worth.co.uk have a free valuation tool which gives you an estimate of your property’s worth instantly online.
- Net House Prices has useful information and a search facility for sold house prices.
- Zoopla sold house prices has something similar allowing the user to browse sold prices by area as well as a search box.
- Property Price Advice again like the other websites above does more or less the same as the others, as does Mouseprice too.
What Are the Root Causes of Rising House Prices in the UK?
What Factors Determine Rises in UK House Prices
The house price crash that began in 2008 led to a sustained period of falling property values throughout the UK. In recent years, however, many areas of the country have been experiencing a very strong house price recovery. London and the South East have enjoyed double digit growth at times, and this strength has been replicated in other regions more recently. But what is the underlying cause for this ongoing trend? And how long can it be expected to continue?
After several years of steeply rising house prices, more moderate increases are being predicted for 2015 by leading property analysts. According to a recent article on The Guardian website, house prices in England and Wales actually fell by 0.3% after a somewhat surprising rise of 1.9% in January. These figures contributed to an overall quarterly house price rise of 2.6%. The same article revealed that house price growth in England and Wales could slow to 5% in 2015, but that is still a rate far in excess of UK GDP growth figures.
The rate of house price growth in London since 2011 has been phenomenal, but the situation now is a little more complex. According to a recent article on The Telegraph website, Bexley was the only borough of Greater London where demand for homes rose during the last quarter of 2014. House prices have risen across the capital to such an extent that the once less desirable areas of the city are now set to be the property hotspots of the future.
Recent changes to stamp duty have affected homes worth more than £1.5million, and the prospect of a so-called ‘mansion tax’ is holding back demand for property in the most exclusive areas of London. But a growing number of Londoners are moving away from the capital – into the commuter belt and beyond. This phenomenon is expected to fuel house price growth in the regions of the UK over the next three to five years.
Although the economic recovery and over-heating property market in London will play major roles in future house price growth, it is clear that there are several factors involved.
What factors affects house price trends and how do they impact on different parts of the UK population?
House prices in most areas of the UK are expected to continue growing for at least the next five years. However, the economic outlook is a lot less clear. So why are analysts predicting the continued strong growth of property values? Modern property markets are affected by a complex combination of factors, and many of them are currently combining to drive prices upwards.
1. Demographic factors
Society is changing at breakneck speed, and many of the demographic changes the UK is now subject to are having inflationary effects on the average price of residential property. For instance, the rising divorce rate and the increasing number of single-parent families mean fewer people are living in the average home these days. According to figures from the Office of National Statistics, the divorce rate in Britain has been relatively high for several decades. Interestingly, sudden spikes in divorce rates seem to occur during times of economic recession. Around 42% of marriages are now expected to end in divorce, and that leads to smaller family units looking for more homes.
According to the Office for National Statistics, the life expectancy for women between 2009 and 2011 was 81.7 years, and 77.5 years for men. These ages are still rising, and that is becoming a burden on the housing stock in Britain. A longer national life expectancy reduces the supply of homes on the market, and this drives prices up significantly. Add to this the increasingly discerning tastes of affluent buyers, and the need for more space, and it’s clear that changing demographics in the UK are set to put upwards pressure on property values for a considerable time to come.
2. A lack of supply affects house prices
A combination of the ‘right to buy’ initiative and chronic underinvestment in social housing has led to a drying up of housing supply in some of Britain’s largest towns and cities. According to housing charity Shelter, 1.8 million English households were waiting for a social home in 2012 – an increase of 81% since 1997. Quite simply, local authorities and successive British governments have failed to build the social homes a growing population needs. This shortage has a direct impact on house prices in badly affected areas – such as central London.
The UK’s continued membership of the EU will continue to attract immigrants in large numbers as long as the British economy outperforms the rest of Europe. The Office of National Statistics revealed that an astonishing 583,000 people moved to the UK from overseas during the year to June 2014. Only 325,000 left during the same period, so the net increase in immigration was 258,000 in a single year. With housing stock already in short supply, this trend is unsustainable. The resultant shortage of supply is driving prices up considerably in some areas of the country.
Although steps have been taken to simplify and standardise UK planning regulations in recent years, there is no doubt that more can be done to deregulate and simplify the current set up. According to a study carried out on behalf of the UK government, the huge rises in house prices between1974 and 2008 were, in part, attributed to the ‘existence of tight planning restraints’. This phenomenon has been particularly prominent in southern England, which is why there are growing calls for the use of green-belt land and a more consistent approach to planning regulations by local authorities.
So-called ‘nimbyism’ – and acronym for ‘not in my back yard’ – is one of the reasons why planning committees have been under intense pressure to impose strict conditions on builders. Unfortunately, these restrictions often make building and the purchasing of viable land more expensive. The major building firms in Britain have been forced to absorb quickly decreasing margins, which is why so few new homes are being built. Factor in the continuing shortage of tradesmen in the UK, and it’s easy to see why the supply of new homes to the market has been significantly below demand for so long.
3. The penalisation of first-time buyers
The banking crisis of 2008 left several banks in Britain facing ruin. Had it not been for the intervention of the British government, institutions such as Lloyds The Royal Bank of Scotland could have been subject to damaging runs, and eventual collapse. These banks, and many more like them around the world, exposed themselves to huge liabilities on the basis of ever-growing house prices – and left themselves vulnerable to house price falls as a result.
When house prices dropped sharply, major mortgage providers were suddenly left with liabilities far greater than the assets associated with them. This is why tight lending criteria – particularly for first-time buyers – still apply to mortgage applicants today. Rather than driving house prices down, this phenomenon has actually fuelled house price growth in many areas of the UK. Banks are reticent about lending to first-time buyers, but they view wealthy investors and the buy-to-let market as far more attractive propositions.
A recent article on the PropertyWire website revealed that the UK buy-to-let sector is confident that 2015 is going to be another good year – despite the prospect of more than one interest rate hike. The research cited in the article claims that 23% of respondents will expand their portfolio in 2015. Banks are welcoming this trend, as it allows them to diversify their risk and secure their loans on large, profitable property portfolios. This phenomenon could fuel further house price growth well into the future, but it could spell disaster for the first-time buyer.
In many areas of the UK, the average income simply can’t cover the cost of a mortgage for the average home, which is making it impossible for millions of people in Britain to buy their own home. This is a structural problem inherent in the UK property market, and it will probably take government intervention to reverse the problem for future generations.
WHAT DOES THE FUTURE HOLD FOR HOUSE PRICES IN BRITAIN?
After a long period of house price growth in the capital and South East England, the Centre for Economics and Business Research has said that uncertainty resulting from a General Election, rising interest rates and fewer international buyers will lead to a fall in house prices of 3.3% in 2015 – after a rise of 16.8% in 2014. Property values nationally are expected to decline by around 0.6% in 2015, after a rise of 8.8% the previous year.
Rather than being a sign of a significant trend, the house price falls forecast for 2015 are likely to be a blip. When taken in the context of huge increases during 2014, a modest drop in property values cannot be regarded as anything other than a short-term correction. A combination of restrictive planning policies, low interest rates, high levels of immigration and a relative dearth of credit means house prices in the UK are probably on a long-term upwards trend.
There you have it, a little information on Sold House Prices and how you can research them yourself to help with pricing your home to sell it. So do your research, work out how much your house is worth yourself, and then fill in our enquiry form or call us directly on 0800 68 99 420 and let’s compare ‘Sold House Prices!’
Submit your review