Shropshire and the West Midlands saw the highest rise in house prices of anywhere in the UK last year – that’s according to the latest figures released by Nationwide building society.
I would urge some caution when reading the headline figure – an annual rise of 5.2% – because it’s never quite that simple and values vary significantly across the West Midlands, and even within Telford itself.
From our own figures, I would say the average change in Telford has been more like an increase of 2.5% during 2017, which is encouraging for a number of reasons.
The housing market doesn’t react well to big shifts in value, so it’s good news that the gradual rise from the past couple of years has continued.
If you already own property in Telford, either as a homeowner or investor, you’ll no doubt be glad to know your house is increasing in value.
But it’s vital to appreciate the importance of pricing your property sensibly if you are looking to sell.
One of the key points in the Nationwide report is that first-time buyers are still finding it very difficult to pull a deposit together to be able to secure a mortgage.
And the scarcity of first-time buyers means the turnover of housing stock can sometimes be sluggish – so setting the right asking price is even more important.