UK House Prices Are Up Nearly 5%
UK House Prices Are Up Nearly 5%, the average UK property price rose 4.7%. The market growth across has slowed,but UK House Prices Are Up Nearly 5%. Areas outside of the Capital are recording faster growth, according to recent data. House prices across the country increased 4.7% in the year to May. This puts the average house price to £220,713, the Office for National Statistics (ONS) said. The annual rate fell from 5.3% in April. House values rose in all regions, with the area showing the fastest growth rare being the east of England 7.5%. This was closely followed by the east Midlands at 7.2%. Conversely, London was the second slowest region, recording just 3% growth. However, prices in the capital are still more than twice as high as the UK average, at £481,345. Last on the list was the north-east; registering the the slowest annual growth, of 1.6%. Analysts at Jefferies said: “Despite the election and consistent doom-mongering, we note that house prices continue to increase.” Read More: Asian Investors Continue to Invest
The Most Expensive Borough to Live?
The most expensive borough to live in was Kensington and Chelsea, in west London, where the average property cost £1.5m. In Burnley, Lancashire, the average house cost £78,000. James Allen, head of alternative investments at financial services firm Walker Crips, said: “It is clear that prime London may as well be a different country.” He added that buyers in Kensington and Chelsea would need a deposit of £450,000, based on a mortgage at 70% loan to value. “For a one-salary household, gross income would have to be £222,000. The number of people in the UK earning more than £200,000 is estimated to be 235,000 or 0.7%. When such a small proportion of the population can afford to live in a borough, demand must be coming from other quarters, namely foreign buyers.” The ONS uses data from the Land Registry. Its annual house price growth has slowed since mid-2016 but remains faster than the 2-3% growth reported by major mortgage lenders Halifax and Nationwide in recent months. Analysts believe that a fresh slowdown is under way. Advertisement away nicely. Even though the overall growth rate has fallen, for first time buyers the slower rate of house price growth will be welcome, particularly with inflation running ahead of wages for many.” However, recent research conducted by his firm found that average deposits climbed to £6,000 in the last year, with increases in some regions of more than 30%. Anne Baxendale of housing charity Shelter said: “While prices may be slowing in London, the idea of owning a home of your own is still just a fantasy for most people.
Property Market Resilient After Brexit
A Survey by property portal Rightmove, shows 4.6% rise in house sales compared with the month of the EU referendum, while the sum of 2017 sales is on a par with the year before Miles Shipside, Rightmove director and housing market analyst, said: “A year on from the shock referendum result and subsequent dent in activity levels, the fundamentals remain strong. “Low unemployment, low interest rates, strong demand and historic undersupply of homes are mitigating any wobbles in confidence and as a result nearly half the properties on the market, over 45%, have sold signs slapped across them. Click Here, to view our portfolio of Buy-to-let properties for sale
UK House Prices Are Up Nearly 5%
UK House Prices Are Up Nearly 5%, the average UK property price rose 4.7%. The market growth across has slowed,but UK House Prices Are Up Nearly 5%. Areas outside of the Capital are recording faster growth, according to recent data. House prices across the country increased 4.7% in the year to May. This puts the average house price to £220,713, the Office for National Statistics (ONS) said. The annual rate fell from 5.3% in April. House values rose in all regions, with the area showing the fastest growth rare being the east of England 7.5%. This was closely followed by the east Midlands at 7.2%. Conversely, London was the second slowest region, recording just 3% growth. However, prices in the capital are still more than twice as high as the UK average, at £481,345. Last on the list was the north-east; registering the the slowest annual growth, of 1.6%. Analysts at Jefferies said: “Despite the election and consistent doom-mongering, we note that house prices continue to increase.” Read More: Asian Investors Continue to Invest
The Most Expensive Borough to Live?
The most expensive borough to live in was Kensington and Chelsea, in west London, where the average property cost £1.5m. In Burnley, Lancashire, the average house cost £78,000. James Allen, head of alternative investments at financial services firm Walker Crips, said: “It is clear that prime London may as well be a different country.” He added that buyers in Kensington and Chelsea would need a deposit of £450,000, based on a mortgage at 70% loan to value. “For a one-salary household, gross income would have to be £222,000. The number of people in the UK earning more than £200,000 is estimated to be 235,000 or 0.7%. When such a small proportion of the population can afford to live in a borough, demand must be coming from other quarters, namely foreign buyers.” The ONS uses data from the Land Registry. Its annual house price growth has slowed since mid-2016 but remains faster than the 2-3% growth reported by major mortgage lenders Halifax and Nationwide in recent months. Analysts believe that a fresh slowdown is under way. Advertisement away nicely. Even though the overall growth rate has fallen, for first time buyers the slower rate of house price growth will be welcome, particularly with inflation running ahead of wages for many.” However, recent research conducted by his firm found that average deposits climbed to £6,000 in the last year, with increases in some regions of more than 30%. Anne Baxendale of housing charity Shelter said: “While prices may be slowing in London, the idea of owning a home of your own is still just a fantasy for most people.
Property Market Resilient After Brexit
A Survey by property portal Rightmove, shows 4.6% rise in house sales compared with the month of the EU referendum, while the sum of 2017 sales is on a par with the year before Miles Shipside, Rightmove director and housing market analyst, said: “A year on from the shock referendum result and subsequent dent in activity levels, the fundamentals remain strong. “Low unemployment, low interest rates, strong demand and historic undersupply of homes are mitigating any wobbles in confidence and as a result nearly half the properties on the market, over 45%, have sold signs slapped across them. Click Here, to view our portfolio of Buy-to-let properties for sale
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