If you are keen to move house but have been holding back, as a result of the economic downturn, this year would appear to be a good time to seriously consider putting your house on the market, as UK house prices continue to rise.
If you are interested to explore the possibility of moving to a different part of the UK then it is worth checking out this extremely useful UK House Price Calculator.
Where can I afford to live?
Whether you are house-hunting or just daydreaming, try using this calculator to see where in the country you could afford to live – and would it be cheaper to rent or buy?
The UK House Price Calculator is based on pricing and rental data from 1 January 2013 to the end of May 2013 and is provided by residential property analysts Hometrack.
The house prices used to calculate how much you would pay on your mortgage are based on sales recorded by the Land Registry and Registers of Scotland plus Red Book mortgage valuation – where a surveyor has valued a property for the purpose of mortgage lending.
In Northern Ireland, where much fewer properties are sold, the data includes asking prices and mortgage valuations. We have no rental data for Northern Ireland.
Monthly mortgage payments are based on the figures calculated by the Bank of England based on rates currently being offered by banks and building societies. The rate used is the one for two year, fixed rate mortgages, so would only be relevant for the first two years of the loan.
Every month, the Bank of England brings out figures for people wanting a mortgage for 75%, 90% or 95% of the value of the property they want to buy.
Currently, it is almost impossible to get a loan of 95% of the property value, so we are assuming you need a deposit of at least 10% to get a mortgage.
House prices to keep on rising, say Rics members
Members of the Royal Institution of Chartered Surveyors (Rics) expect prices to go up by 1.5% over the next 12 months, its latest survey found.
This comes after a prediction of static prices at the start of the year.
Over the next five years, they predict a 4% a year average increase in property values.
At the beginning of 2013, they said there would be a 2.5% rise.
Does the current upward trend in rising UK house prices give you more confidence to consider moving home this year?
We would love to get your feedback and comments below.
If you are also interested in considering a move to Cambridgeshire, we recommend viewing this Rural Property For Sale.
As ever, please feel free to share this information with your family and friends.