Increase of Property prices in England and Wales: 2016

remortgage-up-53-pcThe residential market is having active start in 2016 by the property prices in England and Wales increased 0.5% month on month, according to the latest index figures. On considering the year on year increase, the prices are up by 6.5% with average price of home £290,963 according to a data from Rightmove. However, for those getting onto the property ladder are that prices in the lower end of the market where first time buyers are usually found, have only increased by 0.1%. But the demands have gone up by 21% year on year according to Rightmove website.

Miles Shipside, Rightmove director and housing market analyst, says: “The increase in price remains, with the second highest rise seen at this time of year for nine years, but positively for first time buyers there’s more choice with more property coming to market. There is a window of greater choice as more owners of smaller properties try to sell so rather than waiting until later in the year, having a good look around now while choice is up and interest rates remain unchanged could get you onto the ladder sooner and at an acceptable price.”

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