UK asking prices edge upwards in January

 
UK asking prices edge upwards in January

Homeowners in the UK are feeling more confident in the new year about the future prospects of their property, and as such are increasing their asking prices when coming to market, it has been reported. 

However, according to the latest Home.co.uk property index, prices still remain far lower in some parts of the country than last year, as the effect of Brexit and related political uncertainty still weighs heavy on the market as a whole. 

When compared to January last year, the report shows, asking prices have climbed by as much as 3.1 per cent on average across England and Wales. However, London, where we're used to seeing positive after positive, has suffered from the goings on of the past year, and asking prices have fallen by 1.1 per cent compared to last January.

Across the country as a whole, asking prices at the moment sit at £296,761, which is 0.1 per cent higher than experienced in December. However, three English regions, as well as Scotland and Wales have all seen the average prices sought by buyers falling when compared to 2016 prices. 

"Any region where prices rose too high too quickly runs the risk of price deflation. London is already suffering this fate and the South East and later the East of England look set to follow," said Doug Shephard, Home.co.uk's director.

The good news nationwide, however, is that more buyers are also coming to the market in early 2017, which should help to address any supply issues that are still in place at the moment. According to the report, Scotland saw the highest number of homes coming up for sale, with an increase of 23 per cent, while the East of England experienced a rise of 18 per cent.