We are often asked by clients, is property a safe bet? Nobody like’s the thought of losing money and when a housing market is changing, there is a big fear that people could.
But did you know? If you buy a house, and stop in it for at least 7 years, the chances are your home will have risen in value. Analysis of historic monthly house price data from Nationwide indicates that at no point since records began in 1952, has national 7-year property price growth been in negative territory.
Over the past 7 years, average property prices have risen by over 30% across the UK. Closer to home in Lancaster (LA1), the figure is slightly lower at 24.5%. Over the past 14 years in Lancaster, they have risen by 31% and if you want to go back 21 years, the price growth is a whopping 218%.
Over all of these periods, there have been ups and downs in the market, but ultimately, over every 7-year period, there has also been a healthy growth in value. Just look at the graph below.
Research also shows that over 60% of recent sellers had lived in their property for more than 7 years, while more than 3 in 4 home movers expect to live in their new home for a minimum of 5 years. Equity growth is there to be had.
Who says that property is a bad investment?
If you are thinking of buying a property in Lancaster to either live in or as an investment we would love to chat.
My name is Michelle Gallagher. You can email me at michelle@jdg.co.uk or email at michelle@jdg.co.uk
Thanks for reading
Michelle