News of paused growth in UK property prices may be the final encouragement that many homeowners across the country require to sell their house for cash to a property buyer like Open Property Group. According to haart estate agents, despite a 6.8 per cent year-on-year rise in average property prices in the UK, that growth has juddered to a halt so far this year.
The agency's latest index certainly had heartening news for those wishing to buy a UK property for the first time, the average price of a starter home having declined by 2.2 per cent. The index showed an overall 0.2 per cent drop in average prices in February, to £204,355, from the first month of the year.
Londoners may be especially easily convinced to sell their house for cash at this time, given that the capital's prices have seen a 1 per cent month-on-month fall to an average of £466,990, meaning that values have decreased by 4.6 per cent compared to February last year.
Such slowing prices can clearly be at least partly attributed to an improvement in housing supply, haart's chief executive officer Paul Smith stating that supply had gone up by 11 per cent in a single month in February. This was accompanied by a rise in buyer registrations.
Smith commented: "So far this year average house prices are showing no significant fluctuations, which is good news for affordability. First time buyers are now benefiting from a dip in the average price of a starter home by 2 per cent annually and from broader economic factors such as low interest rates and Help to Buy incentives.
"Despite this promising start to 2015, the number of new home starts promised post general election by the main political parties falls well short of what is needed and we still lack a strategic long term policy to address supply."
What may be good news for prospective buyers, however, may not be such good news for property owners discouraged by the slide in values - especially when they cannot obtain the price that they desire for their home right now.
For those wishing to sell their home immediately rather than wait for an uplift in house prices, engaging the services of a cash buyer like Open Property Group can make considerable sense. Get in touch with our property experts today, and we can complete the purchase of your property within days, enabling you to get swiftly on with your life.
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