House prices encouraging for those selling property

Homeowners asking themselves the question ‘should I or shouldn’t I sell my house’ could be encouraged by the current condition of house prices in London.

A report from estate agent haart has shown that house prices in the capital have recently risen for the eighth consecutive month.

The average price of a house in London increased in May by one per cent to £250,137, with properties in the north-east of the city seeing the largest increase in value of 4.5 per cent.

Current house prices are ten per cent higher than this time last year, when property values were at an average of £226,144.

Rising prices in London could be welcome news for homeowners looking to sell property privately in the area, but could also precede an increase in property values across the country.

Paul Smith, chief executive of haart, added: “We are expecting the World Cup to impact on activity levels over the next few months and there will certainly be a bounce in the market after the competition. Now is a great time to enter the market and snap up a deal, ensuring you are a step ahead of the post-tournament rush.”

The report also states that the market is currently enjoying a prolonged period of buoyancy, with buyers feeling confident about conditions for buying property and returning to the market.

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