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House prices to soar during 2015


01-07-2015

 

By Burton Mail  By Andrew Musgrove

House prices in Staffordshire have increased by 4.6 per cent in the last year, with one Burton estate agent putting the rise in the town at seven per cent.

House prices in Staffordshire have increased by 4.6 per cent in the last year, with one Burton estate agent putting the rise in the town at seven per cent.

The figures, from the Land Registry Office, put the national increase in house prices at 7.1 per cent.

Keith Crew, partner at Crew Partnership told the Mail those figures are more in line with what he has seen in Burton.

He said : "It's probably closer to six or seven per cent. It has been a very good year and we're expecting a similar rise in sales and prices this year."

Mr Crew pointed to the Government's Help to Buy scheme, where first-time buyers are offered a loan of up to 20 per cent, helping sales in 2014.

"It helped early in the year and the Stamp Duty change will do the same in 2015. Compared to lots of Staffordshire, we are a cheaper town. Traditionally there aren't too many properties selling during December but we will start to see prices increase now."

The Stamp Duty changes, which were announced by Chancellor George Osborne in the Autumn Statement, will see buyers paying less tax on their properties.

Mr Crew is expecting to see a rise in the number of first and second time buyers. "We expect to see the biggest increase in properties worth between £125,000 to £300,000 - the Stamp Duty change will affect this."

The average house price in Staffordshire has gone up to £137,339, from £131,021 in 2013.

While Derbyshire has seen prices rise from £121,905 in 2013, to £127,249 – an increase of 4.2 per cent.

The report also shows that house repossessions across the country have decreased by 7.5 per cent between September 2013 and September 2014. In the West Midlands repossessions fell by 40 per cent to 51 from 85 in 2013.

HOUSE PRICES: What’s your view on the latest rise?

Ricky Smith, 18, Uttoxeter

"I know others who are struggling to rent but I'm not worried about the price rise, hopefully I'll be able to afford it when I need to."

Andrew Wood, 19, Burton

"It's a bit of worry to see such an increase. If it is so high here, then what it is going to be like elsewhere if you want to move away?"

Jim Allan, 40, Burton

"Our house has lost money in the time we have had it and I can't see it rising by seven-per-cent. But it's great news if prices do rise."

Blake Sherlock, 20, Burton

"Too expensive. It's hard for anyone to get a home, but it's especially difficult when you're young. The prices to rent are also too high."

www.burtonmail.co.uk/

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