Did you know that the average price of a property in the UK is expected to increase by 1.7% this month alone? That would be the biggest such jump at this time of year since 2004. It’s unsurprising, then, that Rightmove has declared this the “best ever spring” for people looking to sell their properties.
The annual property value growth rate for the UK as a whole is now 10.4%. Of the UK’s countries and regions, only London and Scotland are failing to top 10% for average house price growth on a year-on-year basis.
Due to this boom in the property market, the average house price in the UK is now hovering at around £354,564.
The most expensive property category is properties with four or more bedrooms, which – as reported by the SurreyLive website – saw their prices increase by 3.8%, equating to an average of more than £23,619, with 12% more new listings in this sector than at this time 12 months ago.
It seems that, in effect, homeowners have three great reasons to look to sell their properties this spring: the potential to achieve a record price, the continuing imbalance between balance and supply, and a high proportion of properties finding a buyer within a week of going on sale.
But how does Surrey fare against the rest of the UK?
According to Rightmove, the average sold price for a house for sale in Surrey has been 5% higher over the past year than was the case the previous year, and 15% higher than even the peak seen in 2019.
Most of the houses sold in the county over the last 12 months were detached properties, which fetched an average price of £1,001,508. By comparison, a semi-detached house for sale in Surrey can sell for an average of £528,218, and terraced houses are capable of bringing in £444,161.
Overall, this makes the average price for a house for sale in Surrey £619,856, according to the data gathered for the past 12 months.
Where is the best place for property in Surrey this spring?
Farnham has seen a huge 22% increase in asking prices over the past year, with the average price leaping to £728,413. This could make it a fantastic place to sell or rent your property, or to invest in a property portfolio.
However, if you are looking to buy a house for sale in Surrey, you might prefer to look at Weybridge, which boasts opulent houses and quaint cottages, but without an overly inflated price tag.
So, why don’t you take advantage of the “best ever spring” for the housing market by browsing our available listings? For more information, please get in touch with Yooodle today to speak to an experienced advisor.