Property prices in England and Wales continue its upward

Prices for residential property in England and Wales, though slowly, but continues to grow. According to figures from the Land registry for England and Wales in October, consumer prices rose by a slight 0.1 percent . During the year the growth of prices including Oct was 7.7%.

It is clear that there is considerable regional variation in prices.

The average price of residential property in the whole of England and Wales – £177377 two and a half times less than the average price in London – which is £460060. Rising prices for residential property in London reached the current year’s fantastic to 18.6% .

For the month of October the growth in property prices in London 0.7% .

The biggest increase in property prices in England in October 2014 was in the South of England – about 1.6% for the month and 11.4 % per year, reaching an average of £198338, a significant increase in prices in the South East of England of 1.2% for the month, which resulted in the average price of residential property in the South-East of the country – £240070.

You can imagine what the range of prices in different regions of England, comparing real estate prices in property prices in Yorkshire and the Humber with London prices – Yorkshire and Humber average property prices of £120807 after rising in October by 0.6 , in the South-West the average price is now £185615, and in the Midlands – £135378.

The month of August 2014 saw the largest entry into the market of new housing. The number of commissioned new construction units made up 82415 , which is 4% higher than in August a year ago.

Also significant is the fact that in August 2014, has sold 15% more objects more than £1 million – 1363 , than in August 2013.

Uncertainty about the introduction of a mansion tax after the election in may 2015 has a twofold impact on the market. On the one hand, people are afraid to invest in real estate more expensive than £2 million pounds, which may become the object of taxation for tax. On the other hand, the capital flow into the real estate sector in the range of £1 million to £2 million, which should not suffer from input tax on mansions.

In General, the property market in England and Wales there is confidence.

Two factors hampering more active buyers in the sector of affordable housing – the prospect of introducing higher interest rates by the Bank of England and the more complicated procedure of obtaining a mortgage loan in accordance with the rules introduced in April 2014.

But, despite these obstacles, all the experts are in unison declare that in 2015, the residential property prices in England and Wales will continue its steady growth.

® Helen Entree. 01.12.2014.

Publications in press about our company

Why buyers from Russia should not fear sanctions

More than 120% in two years have earned our customers

IMPORTANT! A NOTIFICATION ABOUT THE SECOND CITIZENSHIP

Entrepreneur visa. Tier 1(Entrepreneur)

Immigration to the UK

Price indices for UK property