New study reveals latest property prices

THE average property took 73 days to sell in Portsmouth in 2017, according to a recent study of 20 major cities across the UK.

Edinburgh was the quickest at 41 days while Belfast took the longest at 119 days. The figures were revealed in the latest City Rate of Sale report from Post Office Money and the Centre of Economics and Business Research. The national average was 50 days.

According to the study, as reported by the Portsmouth News, the average house price for the city in August was £200,551.

It is useful to have such reports and figures although we must be careful to consider the context of these statistics too.

For example, some types of properties may sell more quickly than others depending on how many bedrooms they have or are located in certain areas.

Even within a city, some agents may have quicker sales rates than others but they may not necessarily have a strong volume of properties sold or on their books at any one time.

And quicker isn’t necessarily better; a quick sale may mean a property hasn’t achieved its best price.

More broadly, the various house prices indices are often based on differing criteria, such as sold prices or mortgage approvals.

This is where our local knowledge, experience and expertise is such an advantage. Based on many years of successful property sales, we can place a property on the market to achieve the best possible price for its own individual circumstances.

Please don’t hesitate to contact us for advice about the housing market or for a free valuation of your property.

You can read more on the Portsmouth News website here.

(picture: Pixabay)