Before the elections, the growth in property prices in England slowed down

The annual growth in property prices in the UK was 3.7%, which allowed the average price of a property to achieve £208717 pounds. This is the weakest growth over the last two years – since June 2013. The average monthly increase of prices amounted to 0.5%. Property prices in London rose by an average of 6.8% over the year and now the average price of residential property in London is £513154. However, it is necessary to bear in mind a strong differentiation in property prices in London depending on the area and type of property. Some elite areas of London have experienced a significant drop in prices.

Of course, the cause of the weakening of the housing market in the UK over the past year are pre-election expectations, which peaked in April 2015, when the number of newly registered buyers has decreased by 1.6% compared with March.

The first week after the election showed a surge of activity of buyers and sellers of real estate in London. The weekend that followed immediately after the election, 34% more new objects entered the market compared to the previous week.

Paul Smith, Executive Director of real estate Agency Haart, with more than 200 branches across the country, said that the market held its breath before the election and now , when the outcome of the elections took place, can see a marked recovery in the market, however, the election uncertainty in UK property market not greatly affected the sector for affordable housing where a noticeable slowdown in sales. However, the continuity of government – a good sign. The absence of a mansion tax, a moderate domestic policy and assistance programmes of the government of new customers – all these measures will help the real estate market of England to move on an upward trajectory in the next few years.

® Alice Morgan. 23.05.2015

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