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Many homeowners think that they only need to be aware of the National Price Index if they’re looking to buy or sell a house. However, it’s important to stay up to date with the Price Index, as for any homeowner it can make huge changes to your house value and your selling options. Here at We Buy Any House, we’ve created an interactive map so you can easily find the important information relevant to your area, along with the rest of the country.
How much has COVID-19 changed the National Price Index?
On our map, you’ll be able to see the change of the average asking house price since March. We’ve also added in the annual change. This shows us how the outbreak of coronavirus and the subsequent lockdown has affected the National Price Index, giving homeowners updated information about their house value. With more and more homeowners now looking to sell their houses for a variety of reasons – some having felt the pressure of the lockdown more intensely and deciding to sell for financial relief, some wanting to move closer to family, and some who were simply thinking about selling in the near future and have decided to bring their move forward. Doing research when you sell your house is crucial to ensure you can get the best price for your house and know what to expect in the current market.
How does each area vary?
If you hover over each region, you’ll be able to see key information for that area. This information will give you an outline of your local asking prices and changes, however, you will need to do more research before settling on your asking price. Look at other houses currently on the market in your area that are similar to your property, in regards to square footage, number of bedrooms and bathrooms. Speaking to an estate agent is also handy as they’ll be able to offer some more insight into what you can expect when selling your house.
Across the North East, the annual change of asking prices is +2.3%, lower than other areas, with the change since March at +2.3%. To sell your house in the North East, it takes on average 55 days – however, if you haven’t done your research and you set your asking price too high, the average goes up to 90 days. You will also almost definitely need to lower your asking price before you’ll achieve your sale. The average annual wage across the North East comes in at £30,660, with the average house price the lowest across the country at £157,291.
The asking price change is slightly higher in the North West, at +3.1%, with the change since March sitting at +2.8%. Achieving a sale in this area is slightly faster, with an average of 51 days, going up to an average of 81 days if your asking price is too high. The average annual wage in this region sits at £31,910, with an average house price of £206,909.
Yorkshire has had the largest annual change in asking price, sitting at +4.1%, with a change since March of +3.3%. The average sale time is lower here, coming in at 44 days, but increasing to 76 if the house is overpriced. The average annual wage across Yorkshire is £31,282, with the average house price sitting at £202,502.
Moving down from the North of the country, the East Midlands have had an annual change of asking prices to +2.5%, with the change since March being +2.3%. The average sale time is shorter again, at 40 days, but increasing to 69 days if the asking price is too high. The average annual wage is £30,436, with an average house price of £236,100.
The West Midlands has had an annual change in asking price of +3%, with the chance since March being +2.1%. Selling a house in the West Midlands takes on average 36 days, the lowest number of days across the country. If the house is overpriced, this average increases to 66 days. The average wage in the West Midlands is £32,206, and the average house price is £238,123.
East Anglia has had an annual change of +2.6% in asking price, and a change of +1.8% since March. The average sale time in East Anglia is a little higher than the Midlands, sitting at 49 days, with that number increasing to 73 days if the house is overpriced. East Anglia has a higher average annual wage of £32,885, and an average house price that’s much higher than the Midlands and North of England, sitting at £363,006.
The capital of the country and known for incredibly high house prices, London has had an annual change in asking price of -1.7%, with the change since March coming in at +1.5%. Selling a house in London on average is a longer process than anywhere else, taking an average of 62 days, going up to 84 days if the house is overpriced. The average wage across London is the highest in the country at £43,252, but this is reflected in the average asking price which is £628,284.
The South of the country has much higher house prices compared to the rest of the country, especially in London and the surrounding South East. The average annual asking price of a property in the South East has changed by +2.3%, with a +2.6% since March. Selling in the South East takes, on average, 54 days, but if the asking price is too high that average increases to 78 days. The average wage in this region is £32,299, with the average house asking price sitting at £419,595.
The South West is, on the whole, a cheaper area than the South East and London, but still a more expensive area than the Midlands and the North of the country. The annual average asking price has changed by +3.4%, and has changed by +2.8% since March. To sell in the South West, it takes on average 44 days, but this increases to 70 days if your property is overpriced. The average annual wage in the South West is £31,809, with the average asking price coming in at £321,996.