The real estate market in the UK waiting for a hot autumn

In the second quarter of 2014 the real estate market in the UK turned the market from sellers to buyers. The reason is that the market began to recover from an acute shortage of supply of new housing for sale. On sale began to arrive a good selection of new objects.

The critical situation when the market simply lacked apartments and houses for sale, now behind. The situation with the housing shortage was a threat of uncontrolled and unjustified increase in prices, when the UK economy was just starting to show signs of recovery.

Now, when the housing shortage is not as acute, buyers can bargain and ask for a discount, which, consequently, slowed down the growth of prices. The number of new received on sale of units of housing in the UK increased by 7.3% per year, while the number of buyers, in contrast, decreased by 2.8%.

Competition in the residential real estate market is still the place, but decreased the degree of tension – on one property accounts for about 9.5 potential buyers, but compared with January 2014 there has been a significant decline in January, it was a 14.4. The average price for one property in the UK is now £204216, is the highest price over the past two years. In July the growth of prices was insignificant and amounted to only 0.1%.

London real estate, which is traditionally in the vanguard of higher prices, increased in price over the year, very significantly – by 18.6% compared to last year. And in July 2014, prices in London showed no increase. The reason for the slowing of price growth in London is the same as throughout the UK, but is more pronounced – the number of buyers in the summer months has decreased in London by 18.6% compared to the previous year, and the number of new facilities increased by 32.3%.

Positive sentiment is prevailing on the market of real estate of London and all the UK.

The specialists of real estate agencies are expecting a very busy fall. People will return from their summer holidays and autumn is expected to be very high level of transactions in all sectors of the UK property market.

® Helen Entree. 13.08.2014 G.

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