There is no shortage of online property valuation tools that guesstimate the value of residential properties, and Home Buy Fast has introduced yet another, adding to other property valuation lead generation platforms like those provided by PropertyPriceAdvice, SmartVal, ValPal, and others.
The Price Earnings Calculator allows users to instantly see how much their home has potentially risen – or dropped by – in value over the past year.
By using official and the latest price data, buyers and sellers can also track any changes and keep note of the impact of any changes by the year, week, day and even working hour.
According to Home Buy Fast, the Price Earnings Calculator suggests that people living in a property worth £289,099 – which is the current UK average – can expect to have seen their value increase by at least £19,842 over the past 12 months. That breaks down as £9.88 an hour, £79 a day and nearly £400 a week.
Meanwhile, those who live in properties worth £425,000 have seen their value rise by almost £30,000 a year, it is claimed.
That is the equivalent of £560-a-week which, according to the Office of National Statistics, is higher than the current UK average weekly wage.
And many who own properties worth between £850,000 to £1m are likely to have seen values rise at more than double the rate of the national average weekly wage over the past 12 months.
Jonathan Rolande, the founder of House Buy Fast, said: “The house price surge over the past couple of years has been truly staggering. And this calculator lays bare just how remarkable some of the regional increases have been. In very many cases homeowners are now earning far more an hour through the value of their property increasing than they are by going to work.
“To see house prices rising faster than the rate of wages in this way is bittersweet. On one hand it underlines, once again, the strong position those owning their own home now find themselves in. But on the flip side it shines a light on the struggle many trying to enter the market face.
“With house prices rising higher than the rate of wages, many young people will now really struggle to get on the ladder especially during a cost of living crisis. That’s why it’s vital we see effective Government policies designed to boost people’s chances of owning a property rather than recycled ideas like the right to buy gimmick we saw rolled out recently by the Prime Minister.”
SOURCE: Property Industry Eye | JUNE 14, 2022 | MARC DA SILVA
Estate Agents
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