Average house prices have increased by 40% since 2009


The average price of property has climbed in the eight years since low interest rates were introduced by the Bank of England, according to new reports released this week.

Low interest rates meant that more people were able to get themselves a mortgage at a price they felt was affordable. This in turn helped to push demand in the market higher and higher, and has meant that property prices have been swelling ever since the rates changed in 2009.

Since that time, capital gains have been a big thing for the property market, and the average property owner in 2009 would now see their home being worth over 40 per cent more than it was then. In the period of eight years following changes to the interest rate, the average property in the UK market has climbed in value by some £60,000 or more.

In 2009, the Bank of England lowered the base interest rate to just 0.5 per cent, before dropping it again in August last year to some 0.25 per cent. Ever since this first act, buyers in a property market that became more competitive have benefitted.

Cambridge has seen the largest increase in that time, with the price of property in the city having climbed by 96 per cent. London and Slough were the other two areas that saw prices almost double in the last eight years, with both having experienced price rises of more than 90 per cent.

Bowson Estates advised “There is no evidence to suggest that property prices are about to plummet, but homeowners and home buyers do need to plan ahead, and make sure they can cover the impact of interest rate rises on their monthly mortgage payments,”

 

To get ahead by planning your future, give us a call on 0191212810 ext 1.

Contact Information


117 St George's Terrace
Jesmond, Newcastle
NE2 2DN

Phone: 0191 212 8100
Email: info@bowsonproperty.co.uk


Opening Hours


Monday - Friday09:00 - 17:30
Saturday09:00 - 16:00
SundayClosed


Are you looking to sell/rent your property?

Or do you simply require more information?

Get in touch today

Find out your home’s value, instantly

Get a FREE Instant Online Valuation in just 60 SECONDS

You’re in Safe Hands

117 St George's Terrace
Jesmond, Newcastle
NE2 2DN

0191 212 8100
info@bowsonproperty.co.uk

Monday - Friday09:00 - 17:30
Saturday09:00 - 16:00
SundayClosed