Whether you're a prospective first-time buyer looking for a home and a mortgage, or are looking to move up the property ladder, take note: UK house prices are rising. The most recent RICS residential market survey has revealed that house prices continued to rise everywhere in the UK for the third consecutive month during February 2020.
This steady increase in house prices is due mostly to the increase in demand. Buyer enquiries were up 20 per cent month-on-month in February, while the number of new instructions was reported to be on average 15 per cent.
In other words, buyer demand is currently exceeding the number of homes being sold, which is the main impetus to the rise in prices. Yorkshire, London, and East Anglia report the biggest house price spikes, and all parts of the country saw an increase in completed house purchases, apart from Scotland.
Most estate agents remain confident that house prices will continue to rise, although expectations are tempered somewhat by the as yet unknown impact of the coronavirus outbreak. However, if the Scottish example is anything to go by, a decrease in sales will not necessarily result in a fall in prices. Prospective buyers take note: spring and especially summer will almost certainly see higher house prices and higher demand than now.