House Prices Bouncing Back Across the UK, Teddington a Bit Behind
If Lizz Truss’ stint as the prime minister is remembered for anything, it’ll be the mini-budget and the lettuce. Of course, it was the former that swiftly dealt so much damage to the UK economy. The irony being that it was put out by the former head of state as just a “mini” budget to mark her arrival as the PM.
Disastrous is one way to put it. Markets tumbled across the board, exacerbating the existing inflation issue inherited from her fellow Tory predecessor. That was back on 23 September 2022. Now, some two years later, more positive news arrives to mark a bounce back in one of the UK’s most important markets.
House prices bouncing back across the UK
Generally, house price growth is measured in annual rates. According to the latest figures, the year up to August saw a significant increase. Through this window, the average property cost rose to 2.4 per cent. Now, the market hasn’t fully recovered just yet.
Prices were at all-time highs when the mini-budget was unleashed. Even with this price increase, the average remains around three per cent below summer 2022. Now, reaching those highs again seems like a stretch. After all, the surging housing market came after the extreme circumstances of the pandemic.
Plus, there are regional differences to consider. Some places remain more desirable to those looking to buy. Usually, these regions would be those with major cities. However, with remote work remaining an option, more professionals have been moving to more scenic regions, making the most of those lower house prices while they can.
Everyone should see the average house price rise as a positive, though, even if local prices aren’t bouncing back quite as high. It means that people are out there buying. As we’ve seen before, though, a good situation can swiftly change.
So, rather than testing the market in a traditional way, more look to sell a house fast. This way, they get a seven-day sale proposition, have the process managed for them, and even get a free cash offer in minutes from a UK operator. This way, a significant price rise has been jumped on before politics or world events play a hand.
How Middlesex and Teddington fare
In the London area, the year-on-year price increase trickled up to 0.2 per cent. However, some areas saw more growth than others. Where growth wasn’t seen in the more recent figures was in Teddington. Over the last year, prices are down by three per cent. However, the prices remain one per cent up on the top prices of 2021.
So, the area’s seeing a bit of understandable retraction having grown significantly in other periods. The averages of the surrounding area will also be trying to keep Teddington in check. In Middlesex, the average property price is £574,000 over the last 12 months. In Teddington, that figure is £813,000.
Teddington is a high-price place to live. While the housing markets in other regions pick up, much of this will be down to accessibility. There are simply more people who can afford lower-priced houses and mortgages. If rises continue across the UK, though, Teddington will likely catch up.
