House prices update for April
Adam Nanson our Managing Director at Your Mortgage Expert in Salisbury comments on the latest house prices news. And, how this is inspiring people to remortgage to renovate:
“According to Nationwide, house prices are rising at the fastest rate for 17 years. With the average house now worth £33,000 more than it was 12 months ago*.
“The report puts continued high house prices down to a mixture of strong demand coupled with low supply. As we have seen across our region, a limited supply of properties coming onto the market has led to houses selling quickly and often for above their asking price.
“This has led to one of the biggest trends in the market currently which is remortgaging to renovate*. Since the lockdowns of March 2020, we have all spent a great deal more time in our houses. And, with spiralling house prices, many homeowners are choosing to extend and renovate their existing properties rather than moving.
“In fact, according to data from Natwest, taking out a remortgage in order to renovate a property is the second most popular reason to remortgage (behind saving money with a new deal)**.
“Home improvements such as extensions can be a good way to get the larger house you want without moving home. By adding an extra room or rooms to your house, you can climb the property ladder without all the expense of moving house.
“However, renovation work can be fraught with stress. And, costs for things like glazing and other materials are more expensive than ever. Not all home improvements add value to you property so it’s important to speak to local estate agents and architects to determine what will add the most value for local buyers.”
“To find out more, you can read our guide to remortgaging to renovate your home. Or if you have any other questions about the House prices update for April article, get in touch.
https://www.bbc.co.uk/news/business-60938262
https://www.unbiased.co.uk/news/mortgages/remortgage-to-renovate-the-new-uk-property-trend
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