According to a BBC report The Halifax have stated the cost of a typical home is now £224,439.
Between 2013 and 2018 detached and semi-detached homes increased in value by an average 39% whereas flats saw a bigger price gain with an average increase of 48% over the same period. However this increase seems to be easing up a little with only a 1.9% increase in 2018 to the end of May.
Some agents are reporting that both buyers and sellers are negotiating hard and price reductions are on the horizon. This could be down to two factors, the market is on a slowdown or sellers have been unrealistic in asking for too much for their property – only time will tell.
This is not legal advice; it is intended to provide information of general interest about current legal issues.
If you are thinking of buying or selling and would like an indication of the legal costs involved please contact our New Business Team on either 01245 343980 or newbusiness@gepp.co.uk
