By Rob Stross Property Investor Media
With house prices flattening out and high levels of buyer demand for houses it could be good time to sell up according to the HPI and the latest Zoopla research.
So far in May 2022 Zoopla have seen one in 20 properties forced into reducing the listing price by 5% or more The average price reduction is 9%, which, when applied to the average property price, equates to a discount of around £22,500.
Since May according to the HPI the average house price has only increased by 0.1% – the slowest since December 2021. Largely due to market uncertainly caused by increased inflation and rising oil process
Year on year however property prices are up 8.4%, down from +9.2% in April and the rapid house price growth seen across the UK since the start of the pandemic has finally peaked.
Gráinne Gilmore, Head of Research at Zoopla says: “There are many factors supporting the price growth seen since the start of the pandemic, not least the continued imbalance between demand and supply, but the increasing cost of living, increasing mortgage rates for buyers and cloudier economic outlook will act as a brake on house price growth through the rest of the year.”
Source – https://www.zoopla.co.uk/discover/property-news/