The average cost of flats in London has reached 0.5 million pounds

The property market in England and Wales is booming.

If at the beginning of 2015, all the media excitedly wrote about the depressed state of the housing market in the UK, now , for the incident just a few months after it became clear that the power came back the conservatives, not a trace of depressed market sentiment.

Prices for residential property in England and Wales rose 1% in September 2015, reaching average values of £186553 . Index Land Registry has published its latest data. Thus, annual price growth in England and Wales amounted to 5.3%, while property prices in London again surpassed in growth the rest of the UK and showed an annual growth of 9.6%. The average price for one property in London was £499997 pounds.

The only region where prices are rising very slowly North – East England, where prices since the beginning of the year grew by only 0.3% over the last month in the region there was a drop in prices by 0.3%.

However, not all indicators are encouraging. Falls the number of transactions in the housing market. If in 2014, for the period from April to July recorded a £78330 deals this year – £71766.

The number of real estate costs more than £1 million fell in England and Wales by 9% and in London by 16%.

A significant shortage of supply in the market will continue to push housing prices up. Given that inflation in property prices in London could reach double-digit value, soon the figure of £0.5 million for an apartment in London will not seem so high.

London prices will ripple effect to affect the property market outside London, where prices will slowly but steadily grow. Meanwhile, we cannot say that the situation in the real estate market of London is not changed. The market always seeks balance and if last year’s peak of popularity was observed in the districts of Fulham and Hammersmith, now in favor with parts of Hounslow and Newham.

Encouraging is the fact the wave effect of rising prices on UK regions, where the North-Western part of England not far behind the Southeast and firmly demonstrates the confidence of the housing market. Now not only London and the South of England are the engines of growth of the real estate market, but also other regions joined in the competition for customers. However, the real estate market as the air is not enough for the new solution to this problem should become the main for the government and private investors.

® Alice Morgan. G. 28.10.2015

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