The housing market in the UK is at its peak since 2007

Annual price growth for residential property in England and Wales still returned to the single digits, after a small fall in prices in December.

Especially notable is the cooling of prices has been in London and the South East of England, but prices in other parts of the UK remained stable.

LSL index published its report at the end of 2014.

For 2014, the average price of residential property in England and Wales rose by 9.6% and reached the value of £278997 , but for the last month statistics are not changed. However, if the statistics exclude London and the South East of England, then in other regions of England and Wales still recorded growth in December at 0.4%.

Visible another trend: the rise in prices accelerated in the top of the market in 2014 and slowed down at the bottom of the market. This suggests that the interests of investors began to move from London and the South-East of England to other regions of the UK. Total sales increased in 2014 by 18%, to which, of course, pushed the fact that in December 2014 have been modified scale of Stamp duty, which increased the burden on real estate transactions more expensive £935000 pounds.

Marathon prices across England and Wales began in June 2013 and peaked in January of 2014, after which the pace of price growth slowed somewhat, but the activity was very good.

Lower prices in December 2014 in London, recorded in one third of areas in London starting from November 2014. The largest decline was in London , where prices since November fell by 3.1%.

In other regions, thanks to the support of government programs, the main increase in prices fell on the real estate more expensive than £250,000 pounds – about 10.7% for the year. Real estate is cheaper £153000 – growth was only 2.9%.

Processes of recovery in the economy, government support has done its job – significant increase in consumer confidence has led to the fact that in 2014 the residential property market in the UK was at its highest level since 2007.

® Alice Morgan 11. 01. 2015.

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