The property market has enjoyed more stability in recent months and house prices have been climbing steadily this year.
While prices are down overall on this time last year, some UK regions have seen growth of as much as 5.6 per cent.
The Government House Price Index revealed house prices are down 0.2 per cent year-on-year. Of this, new build property prices soared by 16.4 per cent while existing houses dropped in value by 2.5 per cent.
Scotland and various locations in the north of England came out the best and homeowners in these areas are likely to get much more for their properties than they would have one year ago.
Home values have changed in the last year
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House price change
Scotland £187,807 – up 5.6%
North East £160,406 – up 2.9%
North West £213,890 – up 1.4%
Yorkshire and The Humber £204,754 – up 0.2%
Northern Ireland £177,611 – down 1.1%
South West £316,834 – down 0.4%
East Midlands £241,950 – down 0.4%
Wales £210,717 – down 1.2%
East of England £339,144 – down 1.6%
South East £373,018 – down 2.1%
West Midlands Region £242,429 – down 2.9%
London £502,690 – down 4.8%
London homes were hit the hardest, valued 4.8 per cent lower than this time last year, however they still boasted the highest prices overall.
While many regions were down, the report is good news for the housing market, according to a property expert.
Lomond CEO Ed Phillips said: “We’ve seen numerous indicators of returning market health in recent months but any improvement in sold prices is always going to be more measured.
“So while further monthly growth suggests that we’re heading in the right direction, it may be a few months more before returning buyer activity tips the annual rate of sold price growth into positive territory.”
Despite the average house prices, there is no way to guarantee a property will sell for a certain amount.
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The value of new builds has soared
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But there are some home upgrades that could make the property more appealing to potential buyers, such as building a home bar.
While this can be a costly project, experts claim there are more affordable ways to do this and it could boost your property value by nearly £30,000.
“A small home bar, that could simply be a bar cart and some stools, can range from anything between around £50 to £300.
“It can even be done yourself with some woodworking and time; something as little as this will add value to your home – if done properly.”
