Property prices in the UK rose 9.7% for the year

Prices for residential property in the UK for the previous three months, preceding February 2016, rose by 3% compared with the previous three-month period. The previous year the growth rate was 9.7 percent.

The latest index from the Halifax shows that, despite growth over the past year prices in February 2016 fell by 1.4% and reached an average price of £209495.

Martin Ellis, economist at the real estate Group, the Halifax said that in the whole country is in the process of rising prices, fueled by the imbalance of supply and demand. Meanwhile, the first signs that the situation with the supply of residential property in the UK is starting to improve. A small drop in prices in February was partly offset by the growth in January. This once again confirms that the monthly price volatility does not reflect a real picture and a more accurate representation of change in price you can get quarterly or annual trends.

At the same time, the trend of January and February 2016 need to be considered in the light of the forthcoming increase in Stamp duty for investors from April 2016, which significantly distorts the overall imbalance of supply and demand.

Investors are trying to complete their transactions before April to avoid paying the extra stamp duty. And sellers put real estate, taking advantage of the increased demand.

It is expected that after April 1, the market will experience slight cooling, and new supply will soften inflation in the property market in the UK.

® Alice Morgan G. 29.02.2016

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