Know your area for property market successMonday, 19 December 2011 12:26
Whether you are selling or buying in 2012, being flexible about your location is a great way to get a good price. Figures from Rightmove show the UK property market is increasingly fragmented, with the south on the up as the north struggles.
The figures also showed that 2011 ended with a 2.7% drop in average asking prices across the country in December to leave prices marginally up year-on-year (+1.5%). The market is still awaiting the affect of the Eurozone crisis on property prices and experts are uncertain if it will just be a minor blip or a Lehman Brothers-style derailing.
While they expect average house prices to rise 2% overall next year, this will mainly be bolstered by sales in the south of England. Currently, new seller average asking prices are up by 4.7% year-on-year in East Anglia, South West, South East and London areas.
Miles Shipside, director of Rightmove, said: “It is clear that in these turbulent times the UK housing market is made up of many fragmented micro-markets that are performing very differently. Those that are involved in buying or selling next year need to understand their local market dynamics to help them deliver the right recipe for success.”