The value of your home may have changed!
The average UK house price in December 2022 was £294,329, according to data from the Office for National Statistics, and although this was a slight decrease from £295,608 in November, it’s still £26,0000 higher than in 2021.
Soaring property prices combined with the cost of living crisis mean that growing numbers of homeowners are finding themselves asset rich but cash poor.
The average UK house price in December 2022 was £294,329, according to data from the Office for National Statistics, and although this was a slight decrease from £295,608 in November, it’s still £26,0000 higher than in 2021.
Average property prices in many areas of the UK have grown consistently over the past decade. In fact, homeowners who bought their house over 10 years ago have seen a whopping 74% average increase in their property price, despite the recent slowing of the property market.
This sounds like great news for homeowners as an increase in property value means the amount of equity you own in your property also increases.
However, the reality for most of us is with money tied up in our property, we don’t actually benefit from any increase in value until we sell up.
The price of the average UK property increased by 9.8% in the year to December 2022, and while prices are rising faster in some regions than others, wherever you live there’s a good chance that your property has increased in value.
Of course, these are just averages, so if you want to get a more accurate estimate of what your property is worth now, CLICK HERE and use our handy property valuation tool.
How can homeowners benefit from rising house prices?
While it may be reassuring to see that your house has risen in value, the only real way you’ll feel any tangible benefit from this increase in property wealth is if you sell your property.
Downsizing to a cheaper property
It’s not something everyone is prepared to do, but for some people, selling their home and downsizing can be a good way to unlock property wealth.
Of course, downsizing won’t work for everyone, especially if you’re already stretched for space. Most people living in larger family homes may only choose to downsize if their children have grown up and moved out.
If you think downsizing could be a good option for you, get in touch with us and discuss your options, if you are looking to buy somewhere locally then CLICK HERE to register for our unique 'heads up' property alerts giving you access to the most recently available properties on the sales market BEFORE they hit the property portals.
If you’re willing to relocate, you might find that you don’t have to settle for a smaller home. While property values have risen across the board, the average price for property varies hugely from region to region.
For example, the average property price in London was nearly £530,000, while properties in the North East cost an average of just over £155,000.
Whatever you decide to do is down to you, but it’s also important to remember the fees and costs that come with buying and selling properties, for detailed advice on the costs involved email James Allen directly as follows :- james@allen-residential.co.uk
Allen Residential sales office can be contacted directly on 01761 412300
