Asking prices for housing in England in January rose by 2.9%

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posted on Feb. 17, 2016 at 7:26 amOctober 18, 2019

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The asking price of the property received in the UK market, was on average 2.9%, or £8324 higher in January than a month earlier, thereby setting a new record average price at £299287 , breaking the previous record prices of £2700.

The market is experiencing high demand – according to the largest real estate portal Righmove, the number of views on the real estate website reached record levels after rising in January 2016 by 20% compared with January a year earlier.

An encouraging fact also became a 5% increase in the number of new objects that came on the market compared to the same period last year.

The new year of 2016 will be held in the UK market under the sign of the younger buyers. Under the influence of historically low rates offered by the Bank of England, as well as assistance programmes of the government, the number of transactions among first-time buyers afford a home, increased in November and December. This contributes to the increase in the number of properties on the two bedrooms, which offer increased by 10% .

Meanwhile, warns the Director of the real estate portal Righmove, to sellers who want to put their property up for sale, should not be overly optimistic about the asking price because the buyer is very picky and extremely selective approach to choosing its future home.

Feature of the market the last couple of years was the total lack of objects for sale. Now there are indications that shipments in 2016 will increase, which certainly will have a positive effect on the mood of the buyers and will discourage the growth of prices. Meanwhile, it should be borne in mind that only in 4 regions the supply of new housing has increased significantly. London, South East, South West and Yorkshire and the Humber. In the Central part of England even shipped decreased by 0.3% and in Wales grew by only 1%, which, of course, does not meet the needs of customers.

According to preliminary government forecasts, in 2016 the number of new objects is expected to grow by 10% and it is certainly a happy fact for the buyers as it will create competition among sellers and soften price growth, which prevents many families to become owners of their home.

® Maxim Savitsky. G. 08.02.2016

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