Properties come in all shapes and sizes; however, it is key that you understand how much properties around your area and within your country are selling for. In order to achieve a grasp, as either a buyer or a seller, you need to make sure you have researched well. Poor research could lead to you buying at higher than the market value or selling at lower than the market value. Researching well will help to evaluate a realistic price and will in turn impact your future decisions within house buying. Although, if you are wanting to sell your house fast, you may need to take into consideration that you may not receive the full market value price.
Average Selling Prices
Since October 2009, average house prices in the England and Wales have gradually continued to increase in all regions. In January 2019, the government published new statistics around housing within England and Wales. Within England, there has been an annual price rise of around 1.5%, meaning that this takes the average property price to £244,567. In Wales, there has been a higher annual price rise in comparison to England of 4.6%, however the average price of a property is around £160,232. Below is a table of different regions within England and their average house prices recorded at the start of this year.
|Region||Average price January 2019|
|East of England|
|Yorkshire & Humber|
*Data taken from Gov.UK 2019
Different regions come with higher or lower price tags. As most would presume, London is currently the most expensive area to buy a property within all of the regions in England. This is followed by the South East (Sussex, Kent, Hampshire and Dorset) also being a popular choice to buy as the average house price is £321,174. According to the Gov.UK, lowest priced region in England is currently Yorkshire and the Humber. Although, the average house price within the North West only has a difference of £391 compared to the Yorkshire and Humber region.
Factors to consider when selling
There are other factors that could make your property seem less or more appealing. One major influencing factor is the condition of your home. If your property has seen better days and is in disrepair, then you may have to consider the price of your home. To achieve your desired sale price, you may need to think about making renovations in your property. By doing so will add value to your property as it would bring your property to modern standards.
Another factor for the pricing of houses can be due to necessities located around your property. A house can seem more attractive if they are located closer to a local high street, public transport connections, or if the property is within a catchment area for an excellent school. These are all factors that a potential buyer may consider before buying a property.
There are no rules to what makes a house more appealing to a potential buyer. Although, there are questions that you can ask yourself to determine whether your property could be improved to be seen as desirable. For example, the garden could be a factor for a potential buyer. If you have a garden, is it well kept? Is it south-facing? How big is your garden? Even if your garden or outside of your property isn’t south-facing, make sure that it is well kept because both the interior and exterior of a property is important. When selling your property you want to be able to boost your ‘kerb appeal’ as first impressions always count.