Property owners wondering how much their home is worth now compared with a year ago will be pleased to hear it is likely to have increased in value by £6,000.
This is according to the latest Halifax House Price Index, which revealed a 1.3 per cent growth in property values between December 2017 and December 2018, amounting to £6,613 over the 12 months.
While this is lower than the 2.7 per cent house price growth from the previous year, it far exceeds the figure for November 2018 at 0.3 per cent.
Russell Galley, managing director for Halifax, noted that the market had picked up between November and December last year. However, throughout 2018, the house price growth remained within Halifax’s predicted range of zero to three per cent.
Looking ahead for 2019, Mr Galley stated: “We’re expecting continued stability in house prices with between two and four per cent inflation.”
He said this will be “dependent on the Brexit outcome”, which could explain why the growth remains “subdued by modern comparison”.
Halifax noted the market could be impacted by the on-going challenge for homebuyers to raise deposits, as well as a potential increase in interest rates. However, a shortage of homes on the market could help sustain house price growth for property owners.
Those who are looking to sell this year might want to revamp their house to make it more attractive to prospective buyers. A few interior features you may want to update include old-fashioned kitchens – with modern appliances and clean lines set to become more popular in 2019 – and open shelves in kitchens, as buyers recognise cabinets are a much more practical option.
Seek help from a kitchen installation expert in Dorset if you think fitting a new, contemporary kitchen could boost your chances of getting a sale this year.