Are House Prices Rising In Your Area?

If you are a home owner then todays news from the Nationwide that house prices have risen by 10.5% over the last year is probably good news.

I emphasised the word “probably” as rising house prices are good for some and bad for those who are struggling to get on the housing ladder.

The thing is that the housing market seems to have stagnated in my area recently.

Chelmsford is normally quite buoyant economically as it is about half an hour from the City of London on the train, but I’ve noticed houses hanging around unsold over the last month or so.

There was a spate of house sales in late January which then died down as we progressed through February, but houses put up for sale in March are, by and large, being ignored by buyers, it seems.

And yet the Nationwide tell us that house prices across the UK rose on average by 1% in April. I guess other parts of the UK are more buoyant than around here.

The election may well be playing a major part in the recent market stagnation. The fear of a hung parliament, or the uncertainty of the result, may be making house buyers sit on their hands to see what happens next week.

So once the election result is known, will we see the housing market take off again? I’ve no idea, but it would be interesting to hear from you about what is happening to the market in your area. Write a comment and let us know!

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