We are almost a month into the year, and so far, the UK property market is looking promising for 2023. This is great news for property investors, especially after the uncertainty projected at the end of 2022.
Rightmove’s most recent report (House Price Index Dec 2022) shows that the average asking price for property in the UK has increased by 0.9% (+£3,301) in the past month!
Making the current average asking price for UK property now £362,438. Although, this figure is still £8,720 lower than when it peaked in October this is the biggest increase at this time of year since 2020.
“These statistics based on the largest sample of any UK housing report give reasons for some positivity at the beginning of 2023. The numbers certainly suggest that activity has bounced back after Christmas and agents will now be busy trying to match the likely revised expectations of buyers and sellers as we move towards the important spring season.” – Tim Bannister (Rightmove’s Director of Property Science)
House Price Region Breakdown:
East Midlands:
- Current Average Asking Price (Jan 2023) – £286, 753.
- Year-on-year change – 7.5%
North-West
- Current Average Asking Price (Jan 2023) – £248,829
- Year-on-year change – 8.7%
South-East
- Current Average Asking Price (Jan 2023) – £473,598
- Year-on-year change – 5.0%
Yorkshire & Humberside
- Current Average Asking Price (Jan 2023) – £235,340
- Year-on-year change – 9.5%
Savills forecasts the average house prices in the UK to further increase by 12.9% by 2026.
Mortgage rates are also beginning to decrease, with some major lenders including TSB and Nationwide reducing their rates. TSB reduced their 5-year fixed rates by 1.3 percentage points.
Investment opportunity in East Midlands:
The East Midlands region had the highest house price last month with an increase of +1.8%!
Derby is a thriving city located in the East Midlands which has a rapidly growing population, exciting regeneration projects, and strong forecasted capital growth of 24% over the next 5 years.
Check out this luxury development we have in Derby which offers 67 luxury 1 & 2 bedroom apartments in the heart of Derby with rental yields up to 6.16%: https://ereproperty.com/property-investment/uk-property-investment-opportunities/central-derby-development/
With an annual house price growth of +6.3% and mortgage rates beginning to decline, now is a great time to invest in UK property!
Get in touch to discuss your next buy-to-let investment:
info@ereproperty.com | ereproperty.com
UK: +44 (0) 113 380 8930 | HK: +852 6348 9813
