Britain’s Property prices rise nationwide
Britain’s Property price rise by 5.1% in the 12 months to July 2017. The average property value is now £226,185. according to the latest official figures. Month on month prices have risen by 1.1%. The UK house price index overall, shows that there is a slowdown underway in London. The figures indicate that prices in England, are up 5.4% year on year. Furthermore, they are up by 1% from last month. Whereas London has recorded a slower growth; prices were up 2.8% year on year and 0.3% month on month to £488,729. Regionally in England and Wales the East Midlands experienced the greatest increase in average property price over the last 12 months; rising 7.5% while the North East experienced the greatest monthly price growth with an increase of 3.3%.
London Property Prices
London saw the lowest annual price growth with an increase of 2.8% and the South East saw the most significant monthly price fall of 0.4%. Prices increased annually in every region in Scotland apart from Aberdeen and the Western Isles with falls of 7.7% and 4.6% respectively. The biggest annual rise was in the Orkney Islands with growth of 14.2%; followed by 9.6% in Edinburgh, 7.5% in Angus, 7.4% in Dumfries and Galloway and 7.2% in Moray. Nationwide sales increased by 8.3% year on year and by 1.3% month on month. The highest growth was in the East Midlands at 7.5% while the slowest annual growth was in London at 2.8%. It is the eighth month in a row that house price growth in London has remained below the UK average.
Expert Opinion
The figures provide the most compelling evidence yet that the UK property market has been able to shake off the woes of the previous year and snap election, to see positive growth during the summer months, according to Russell Quirk, chief executive officer of eMoov. ‘The rate of growth during this period is higher than previously reported by Halifax and Nationwide, which is impressive given that this price data usually lags slightly behind other industry sources that base their figures on mortgage approvals rather than sales completions,’ he said. ‘A sustained level of growth can now be expected and it is unlikely that any further developments in the Brexit process should dampen this. Although the market has taken a wobble, UK homeowners should rest assured that the worst is now behind them; and we won’t be seeing a repeat of the 2007 crash,’ he added. The shortage of housing supply that is propping up the market, Nick Leeming of Jackson-Stops, pointed out. ‘Current house price growth is underpinned by a shortage in the supply of homes; combined with beneficial mortgage rates and high levels of employment. However, it must not be forgotten that transactional levels are sluggish and new buyer enquiries to estate agency branches are at a low,’ he said. ‘The new normal over the next couple of years is a market of low transactions, as uncertainty caused by Brexit negotiations and issues surrounding stamp duty land tax levels continue to influence the market,’ he added.
Shortgage of available Property For Sale
Jonathan Hopper, managing director of Garrington Property Finders, states price rises are being driven by pragmatism rather than exuberance. ‘The chronic shortage of supply has placed a floor under prices, while demand has been underpinned by a combination of cheap mortgages and a resilient jobs market, which so far has shrugged off the growing inflationary threat,’ he said. ‘Despite months of political uncertainty, buyer sentiment has remained robust in many areas. The result of this sticky stand-off has been a gradual softening of prices rather than a significant correction,’ he explained. ‘Nevertheless momentum is returning, and the market has become notably more free flowing after the summer hiatus. In this environment’ he added Even taking low mortgage rates into account, John Goodall, chief executive officer of buy to let specialist Landbay; the figures suggest strong overall buyer demand which continues to outpace the number of homes coming to market. Tax reform and Government schemes to help first time buyers will improve access to housing in the short term. However without a radical house building plan, prices will continue to rise over the coming decades,’ he pointed out. Read More: UK Property Listings Down 13% Read More: Calls For Government to Build More Houses to Address Shortage
Britain’s Property prices rise nationwide
Britain’s Property price rise by 5.1% in the 12 months to July 2017. The average property value is now £226,185. according to the latest official figures. Month on month prices have risen by 1.1%. The UK house price index overall, shows that there is a slowdown underway in London. The figures indicate that prices in England, are up 5.4% year on year. Furthermore, they are up by 1% from last month. Whereas London has recorded a slower growth; prices were up 2.8% year on year and 0.3% month on month to £488,729. Regionally in England and Wales the East Midlands experienced the greatest increase in average property price over the last 12 months; rising 7.5% while the North East experienced the greatest monthly price growth with an increase of 3.3%.
London Property Prices
London saw the lowest annual price growth with an increase of 2.8% and the South East saw the most significant monthly price fall of 0.4%. Prices increased annually in every region in Scotland apart from Aberdeen and the Western Isles with falls of 7.7% and 4.6% respectively. The biggest annual rise was in the Orkney Islands with growth of 14.2%; followed by 9.6% in Edinburgh, 7.5% in Angus, 7.4% in Dumfries and Galloway and 7.2% in Moray. Nationwide sales increased by 8.3% year on year and by 1.3% month on month. The highest growth was in the East Midlands at 7.5% while the slowest annual growth was in London at 2.8%. It is the eighth month in a row that house price growth in London has remained below the UK average.
Expert Opinion
The figures provide the most compelling evidence yet that the UK property market has been able to shake off the woes of the previous year and snap election, to see positive growth during the summer months, according to Russell Quirk, chief executive officer of eMoov. ‘The rate of growth during this period is higher than previously reported by Halifax and Nationwide, which is impressive given that this price data usually lags slightly behind other industry sources that base their figures on mortgage approvals rather than sales completions,’ he said. ‘A sustained level of growth can now be expected and it is unlikely that any further developments in the Brexit process should dampen this. Although the market has taken a wobble, UK homeowners should rest assured that the worst is now behind them; and we won’t be seeing a repeat of the 2007 crash,’ he added. The shortage of housing supply that is propping up the market, Nick Leeming of Jackson-Stops, pointed out. ‘Current house price growth is underpinned by a shortage in the supply of homes; combined with beneficial mortgage rates and high levels of employment. However, it must not be forgotten that transactional levels are sluggish and new buyer enquiries to estate agency branches are at a low,’ he said. ‘The new normal over the next couple of years is a market of low transactions, as uncertainty caused by Brexit negotiations and issues surrounding stamp duty land tax levels continue to influence the market,’ he added.
Shortgage of available Property For Sale
Jonathan Hopper, managing director of Garrington Property Finders, states price rises are being driven by pragmatism rather than exuberance. ‘The chronic shortage of supply has placed a floor under prices, while demand has been underpinned by a combination of cheap mortgages and a resilient jobs market, which so far has shrugged off the growing inflationary threat,’ he said. ‘Despite months of political uncertainty, buyer sentiment has remained robust in many areas. The result of this sticky stand-off has been a gradual softening of prices rather than a significant correction,’ he explained. ‘Nevertheless momentum is returning, and the market has become notably more free flowing after the summer hiatus. In this environment’ he added Even taking low mortgage rates into account, John Goodall, chief executive officer of buy to let specialist Landbay; the figures suggest strong overall buyer demand which continues to outpace the number of homes coming to market. Tax reform and Government schemes to help first time buyers will improve access to housing in the short term. However without a radical house building plan, prices will continue to rise over the coming decades,’ he pointed out. Read More: UK Property Listings Down 13% Read More: Calls For Government to Build More Houses to Address Shortage
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