May 2018 prices

The average price of properties continues to increase, which can be viewed as good news for those people on the property ladder (and not intending to move or do want to down-size) and property investors/developers, but not such good news for hopeful first time buyers.

The average asking price is now calculated to be £308,075, which is a 1.1% increase from last year this time.

Back in 2013 the target for first time buyers to try to achieve was calculated as £240,000 as an average asking price  across the country, that is quite a large leap in just five years – it is a moving beast for those people saving hard to achieve a deposit.

By my calculations, the increase of £68,075 would necessitate an increased deposit (assuming it to be on average 10%) of £30,807 instead of £24,000 back in 2013, however the average asking price of properties for First Time Buyers is £190,585, meaning a deposit is needed of over £19,000 – that is a lot of sacrifices and saving per month.

Another statistic to be aware of is that agreed sales in May 2018 are down 5.4% and the worst area to be hit is London and the commuter belt.

The statistics that is relevant to Cherry Picked Choices are those for Northamptonshire and North Devon, they are as follows:

  • East Midlands properties average price for May 2018 is £223,266, an annual change of 4.8% with it taking on average 54 days to sell.
  • South West properties average price for May 2018 is £308,750, an annual change of 2.9% with it taking on average 55 days to sell.

It would seem that North Devon, being in the South West, could be in line with the average prices across the country, and you would get more property for your money in Northamptonshire, being in the East Midlands.

These figures were taken from the House Price Index available on Rightmove.

Contact Cherry Picked Choices to help you locate the property you are looking for, at the price to suit you.

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