Home prices in Sheffield rose faster than anywhere else in the UK in the last 12 months, up more than 5 per cent to a combined housing portfolio of almost £55.7 billion.
Whether you plan to buy or sell a house this year, take note of extra costs involved in real estate transaction such as conveyancing fees in the UK. In London, for instance, the cost of transferring or acquiring ownership of a property may be more expensive than most cities.
Sheffield may have recorded the fastest annual growth in home prices, but London has remained the top city in terms of property value. The housing portfolio in the capital reached more than £1.51 trillion, followed by £115.21 billion in Bristol. The value of homes in Glasgow amounted to £90.75 billion after the city recorded the second fastest increase at 5.38 per cent.
It seems unsurprising that London continues to be the most expensive market in the UK, but the rate of property appreciation in other cities indicated that there is a slowdown in prices across the capital. Nationwide, real estate experts believe that price growth will still be flat in 2018.
A factor for the higher prices in several cities partly stem from a “lack of inventory on agents’ books,” according to the Royal Institution of Chartered Surveyors’ (RICS) chief economist. Still, the increase in the major cities indicates that this year could be a good time to unlock the value of your investment by putting your home on the market.
However, this scenario of profitability may not work in your favour if you intend to downsize and move into a smaller home. The RICS said that despite many property valuations taking place, it might not lead to an increase in supply soon.
Are you planning to buy or sell a house this year? Before doing so, be sure to know all the related costs and fees.