While there is a lot of talk about house prices potentially falling in the near future, the latest information from Halifax suggests house prices are still rising. When looking at pre-pandemic figures, from January 2020, to the end of 2022, the average house price in the country rose by 20.4%.
This represents an increase of £48,620, moving from £237,895 to £286,515.
In the previous three years, from January 2017 to December 2019, average house prices rose by 7.8%, or £17,158.
Average property prices still rising
Some notable figures include:
- The average price of a flat rose by 13.3%, or £19,028, between January 2020 and December 2022
- Semi-detached homes saw an average price rise of 23.1%, or £55,361 in this timeframe
- Terraced properties saw an average increase of 21.1%, or £38,743, in this period
Kim Kinnaird, of Halifax, said: “The pandemic transformed the shape of the UK property market, and while some of those effects have faded over time, it’s important we don’t lose sight of the huge step change seen in average house prices. Heightened demand created a much higher entry point for bigger properties right across the country, and that impact is still being felt today by both buyers and sellers, despite the market starting to slow overall. Taking detached houses as an example, average prices remain some 25% higher than at the start of 2020. Even if those values were to fall by 10%, they would still be around £50,000 more expensive than before the pandemic.”
Darlington property prices rising too
Looking at information provided by Rightmove as of the end of February 2023, the Darlington housing market is performing as follows;
“Properties in Darlington had an overall average price of £169,080 over the last year. The majority of sales in Darlington during the last year were semi-detached properties, selling for an average price of £173,933. Terraced properties sold for an average of £122,298, with detached properties fetching £308,763. Overall, sold prices in Darlington over the last year were similar to the previous year and 7% up on the 2020 peak of £158,357.”
This information is in line with the Halifax thinking, that even though the market isn’t performing tremendously well at the moment, prices are still at a high level than they have been over the years.
As is always the case in the housing market, good news for someone is often bad news for someone. If you are looking to sell a house, the higher the price the better. Of course, for people looking to buy a home, the lower the price, the better. For those looking to sell and buy, a better balance is need.
And balance is one of the factors we aim for, and provide, at Anthony Jones. We appreciate there are many different viewpoints in the Darlington housing market, and that every client has their individual needs. We listen to you, and we use our expertise and know-how to provide you with tailored support and guidance that helps you make an informed decision in the housing market.
Contact Anthony Jones for all Darlington property matters
If you are looking for help with any matter of the Darlington property market, it is best to speak to property professionals. No one knows for sure what is going to happen next, so we won’t claim to have all the answers, but the Anthony Jones team is keen to help you as best we can. If you would like to contact us over housing matters, please call us today on 01325 776424.
