House prices rise at fastest rate in 18 years

Property Shop, the popular local estate agent with branches in Accrington and Burnley, have seen lots of movement in the property market in their 20 year history. Despite a cost of living crisis on the horizon, research has showed that there is no slow down in the rise and rise of UK property prices.

Property prices in the UK have risen at the fastest rate for 18 years, with the average house price now standing at £294,845 – which is itself another record high. The main cause for this is that demand continues to outstrip supply, which has led to a steep drive upwards in price as customers look to secure their next property.

Halifax, part of Lloyds Banking Group and one of the UK’s largest mortgage lenders, said the market “defied any expectations of a slowdown”. Prices rose year on year in June 2022 by a huge 13 per cent, the highest since late 2004. Prices rose 1.8 per cent compared with May - the biggest monthly rise since early 2007. House prices have risen every month over the past year, and have climbed by 6.8 per cent so far in 2022.

Steven Chippendale, managing director of Property Shop, said: “We are not seeing any signs of a market slow down, and demand for properties, particularly larger properties, remains very strong. A contributing factor is that there aren’t enough properties on the market, so this is pushing prices up.

If you haven’t had your house valued recently and are even thinking about moving, give us a call and lock in a valuation – the demand is there, and you may be very pleasantly surprised with what your house is currently worth.

Now is the ideal time to sell, before Bank of England interest rates start to rise, and demand starts to fall. Market conditions make this a perfect time to downsize, if you were considering that!”

Property Shop are the local property experts, with branches in Burnley and Accrington. Independent and family owned with a team of 30, they run a sales, lettings and commercial agency giving them breadth and depth in the local property market. You can see more on propertyshopltd.com, check what houses are available and book in for a free valuation.