Newly released research from lettings and sales agent, Benham and Reeves, has found that the property market has been spreading the love to those completing on Valentine’s Day.
It's fair to say that if anyone deserves a bit of love this Valentine’s Day it’s the UK property market. For the last three years, it has been shunned, neglected and avoided by buyers and sellers who were preoccupied with Brexit.
However, based on sold price records, Benham and Reeves looked at the average sold price on 14th February over the last three years and how it compared to transactions across England and Wales over the rest of the year.
The data shows that last year, over 2,000 homebuyers sealed the deal on V.Day with those home sellers breaking it off with their current property doing so with an average sold price of £317,993, 8% more than sold prices across the rest of the year.
The previous year V.Day sold prices hit £331,062, a 12% jump above the rest of the year, with 2017 seeing an increase of 7% in sold prices on V.Day when compared to the rest of the year.
Most Expensive and Least Expensive
Apparently there’s someone out there for everyone and the same applies within the nation’s property market.
Last year the difference between the most and least expensive Valentine’s Day sales was a huge 30,979%, with the most expensive sale, a terraced house in Kensington and Chelsea’s St James’s Garden, going for £5,905,000. The most affordable was the sale of a terraced house in Durham’s Wheatley Hill for just £19,000.
Marc von Grundherr, Director of Benham and Reeves, commented: “If you’re looking for that special someone that will stick with you through thick and thin, the good and the bad, and remain consistently reliable, look no further than the nation’s property market.
While we’ve seen some tough times of late, the future is looking bright now we’ve broken up with the EU, and our departure has helped us discover a newfound level of confidence where buying and selling is concerned.
However, if you have been lucky enough to secure a sale on Valentine’s Day over the last three years, chances are you’ve defied the Brexit blues and sold for a higher price than you might have throughout the rest of the year.”