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Are property prices rising?

I noticed that people are putting the price up on properties this year, I know there has been a small rise in prices, but some prices seem unrealistic! I have waited for years to purchase my first property and now feel like I might get priced out of the market again. Are prices on the rise and if so is now the time to buy and quickly before people put even higher percentages on their properties?

Asked on Mar 19 2013, House Prices in Chester | Report content

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  • Hi whosaprettybirdythen, At the moment, property prices are seeing something of a recovery. The latest official house price index released by the Office for National Statistics (ONS) shows that prices in January were 2.2 per cent higher than they were a year ago, while those in December were 3.3 per cent more than at the end of 2011. In the current market, demand is still high, which means that prices will be continuing to rise in the months to come. However, it is hard to determine how prices will change over the long term, so it can be better just to look at when you can realistically afford to move and take it from there. Many thanks, Scott

    Answered on Mar 20 2013, Report content
  • As said above, it is difficult to know what will happen with house prices in the long run. But prices have been rising, I have also noticed this in the area we are looking at. People are sticking to their guns over asking prices. Also new instructions are going on at higher prices, and there is movement in the market, far more than we saw last year. If you can afford to buy, now might be a good time as rising prices can leave some behind. There are still a lot of bargains to be had out there, you just need to find them.

    Answered on Mar 21 2013, Report content
  • Property sales on on the increase and the signs are that prices are. We are seeing good sales where priced correctly.

    Web reference:

    Answered on Oct 15 2013, Report content
  • Nationally prices have sharply increased, but this is mainly driven by the South East. The North West has seen a more moderate increase. Going forward it's anyones guess. My personal view is that at some point the prices will have to subdue to come more inline with peoples incomes. Unlike in the SE many people in the North West have tracker mortgages which has drastically helped keep peoples mortgages down, but once the base rate raises many people will start to feel the strain. Chester is also one of the most vulnerable places in the country to interest rate increases according to a recent report. With the base rate at 0.5% and it increase being mostly determined by; a) what the Federal Reserve in America does, and b) how the South East performs as that drives the national ecomomy, there is certainly the possiblity of many people running into repayment problems if rates increase to more normal levels in the next few years. As Scott says, it's impossible to predict - just see how much you can realistically afford. To do this, I would personally see what you can afford in repayments if your interest rate was 7-8% so you are covered when rates do increase. If you find a property you like and can afford - it's a no brainer :)

    Answered on Apr 9 2014, Report content

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