How much is my house
My house was valued in 2012 at 210,000 but in 2011 it was valued at 214,000. Has house prices fallen or are they set to increase?
Asked on Jan 30 2014,
Selling in Luton |
That's less than 2% difference, consider it a margin of error, If you sell be prepared for overs at least 5% above or below the estimated value.
Falling or rising? depends which period yo wish to compare and where. In my opinion, outside London house prices peaked around 2007. Look at the Land Registry data, The trend is a steady year on year rise from the start of the index in 1995 to 2007. After the boom and bust correction 2007-2010, the trend is, compared to the earlier period, essentially flat. There will be a bit of a rise in the next year but in the long run I think the days of the housing ladder are done.
Web reference: http://www.landregistry.gov.uk/public/house-prices-and-sa...
Answered on Jan 30 2014,
In general, house prices have fallen in the last decade. They reached their peak through 2007, when there were a lot of people buying. However, the financial crisis brought about the fall of the housing market shortly after and prices saw pretty substantial falls.
Since then, prices have been increasing most years throughout the recovery, but they are still a way below the peak levels from 2007 - approximately between four and seven per cent, depending on what commentators you are paying attention to.
However, there are still many who believe that the market is going to exceed these prices, buoyed on by the way prices have gone up in the last year in particular. Demand has meant that house prices are now generally about four or five per cent higher than they were just a year ago.
And looking forward, this is set to continue. Conservative predictions have estimated that at the end of this year, property prices will be some eight per cent higher than in December 2013, while others say that the next five years will see prices climbing by up to a quarter, so the chances are that your own home will see a rise in its value over the next few years.
Answered on Jan 31 2014,
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