Midland’s property prices encouraging movement

Residential property affordability has been steadily improving since 2022, with wage growth outpacing property price inflation. This is welcome news from Halifax, says Alistair Hilton, head of sales at Balfours, as the mortgage lender announces the average price of a UK home has risen above £300,000 for the first time.

Alistair reflects: “The Halifax stats show average prices rising by 0.7 per cent in January, wiping out December’s 0.5 per cent fall and, significantly, showing annual growth has edged higher to 1 percent. Combine this with salary growth and figures really do demonstrate a positive trend for buyers and the long-term health of the market.”

While annual property prices in many regions in the south and east have taken a sharp fall of up to minus 1.6 percent, in contrast the West Midlands and Wales have enjoyed a sustainable annual increase of 0.4 and 0.5 percent. “This is precisely what we want to see, a sustainable performance, which enables healthy movement within the market,” he observes.

Continuing: “Add to this the Bank of England’s decision earlier this week, (Feb 5) to hold base rate at 3.75%, though a further cut is expected later in the spring, and as a result, we are seeing more mortgage packages below four percent.

“From past experience the smart move now, isn’t to wait out for the perfect market and mortgage, but rather to get your own house in order and on the market, so that when the right property for your lifestyle and needs comes along you are in the strongest position possible to progress,” Alistair concludes. If you would like a free and confidential valuation of your home, call Balfours on 01743 353511.