18th August 2021
How much have house prices risen in Chester?
The last 12 months have seen house prices across the UK continue to rise, as demand outstrips supply, and Chester is no exception.
Nationwide Building Society predicts that house prices will continue to rise this year, beyond the stamp duty holiday which has fuelled the property market throughout the pandemic.
The demand for property has certainly been underpinned by a shift in what homeowners are looking for due to more people working from home and needing a home office, as well as more outdoor space. Large, detached homes with big outdoor spaces are in high demand from buyers who can now work from home more often and commute less.
According to Rightmove, this huge level of demand from buyers has now pushed up the national average asking price of homes to an all-time high of £338,447 – which is an increase of £21,389 (6.7%) since the start of 2021. July’s monthly rise is also the biggest monthly rise at this time of year since 2007.
In Chester, sold prices in Chester over the last year were 12% up on the previous year and 16% up on the 2017 peak of £246,242.
Alex Horne, Senior Valuer at Matthews comment: “We have been somewhat surprised by how much prices have risen this quarter, and they’re showing no sign of cooling off even beyond the government stamp duty holiday incentive. My best advice would be that if you are looking to buy, get your own property on the market as quickly as possible to show sellers that you’re serious and to give you the best possible chance of getting the home that you want.”
If you want to take advantage of the upsurge in house prices, you can get a no-obligation home valuation from us. Even if you are not yet in a position to sell, it will at least give you an idea of how much your property has risen in price and help you weigh up your options for the future.
Contact Alex today on 01244 346226 for more information.