VAST regional differences exist in current house prices and many areas are defying the current overall national dip, according to new data.
A study by The Valpal Network compared average sales values in properties across the UK between April and May.
It found valuations in Central London rose 2.4% during this period – making it the best performing region in Britain. Prices also increased in the South East by 1.9% month-on-month; by 1.8% in the Home Counties and by 0.41% in the West Midlands.
The ValPal Network found that in Outer London, average sales values dropped from £663,706 in April to £639,200 in May – a fall of 3.8%. Data shows a similar drop in the South West as average sales reduced from £418,920 to £405,011 – a fall of 3.4%.
Sales values also dipped in the East Midlands, the North West and in the North East according to The ValPal Network, which provides services to 800 estate agents and letting agency brands across the UK.
Commenting, Craig Vile, the Director of The ValPal Network, said: “There’s been a lot of doom and gloom about house prices of late. But the reality is they were extremely inflated and unsustainable following the pandemic in some regions. Any decreases in price are expected but we are still up on pre-pandemic levels.
“Our data further underlines that, despite widespread concerns of a house market price crash, many regions are seeing sales values rise month on month.
“That should serve as a reminder to anyone working in the property sector that there is still much to be optimistic about. Commenting on the challenges for those working in the sector Mr Vile added: “There is still a huge amount of demand across the market and those who are working in the most effective and efficient way, and reacting quickest to leads, will have the most success. Speed to lead is key. Agents would be wise to maintain their marketing spend and nurture every lead they can get hold of.
“They’d also benefit from re-engaging with their database to ensure that, when the time is right for the seller, they are the pick of the bunch when it comes to listing. It’s also really important that agents change their approach to suit the current market. People are taking more touch points before they make a decision. They need extra reassurance so they’ll be reliant on the trust and expertise of an agent to complete their move.”
*To find out how The ValPal Network can help you make the most of every property lead visit https://www.valpal.co.uk/.