The rate of growth in property prices has slowed down a bit

The prices of houses and flats in England and Wales rose 0.5% in may 2014, which is 0.1 % less than in April and March 2014. and 0.2% less than in February 2014. These are the latest data presented in an influential index of property prices in England and Wales – Index of Hometrac

The report showed that strong demand and lack of supply to support price growth, but the growth rate began to decline.

Driver of growth in property prices remains London, but London was a noticeable change in the trend. Now the London property market moves up mainly due to lower market sector, which offers optimal price-quality. In Central London, which offers accommodation of luxury and super-expensive housing price growth amounted to 0.2%.

The report showed another significant mark in the market, the time of sale of property on the market increased in may to 6.5 weeks. In April it was 6.3 weeks. This suggests that the market began to resist high prices, and the gap between supply and demand on a rolling market of new objects began to decline.

The study highlights that the first signs of resistance rising prices were seen in April in London, but now it became obvious that this trend has spread to all properties in England and Wales.

The growth in property prices in England and especially the rapid growth in property prices in London has generated a lot of rumors and fears of a bubble in the real estate market. There have even been suggestions that the Bank of England will increase interest rates to slow inflation in the property market in the UK, which clearly outpaced growth in wages. Now, however, it became clear that the fears were unfounded and the real estate market as England and Wales are still far from their peak values even those which were reached before the 2008 crisis.

Upon receipt of the new facilities we hope to see further signs of slower growth in market prices in the next few months.

® Alice Morgan 30.05.2014

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