Property in London has risen in price twice in seven years

Average price for property in London has passed £600000, which means it has doubled over the last 7 years. But it is important to understand that the market of real estate of London is very heterogeneous and now the price increase is not at the expense of real estate in Central London, but at the expense of real estate in London outside of the centre costing up to £1 million, however, the demand for apartments in London remained very high, several times exceeds the offer.

In other regions the price of property in England and Wales had barely reached £300,000 in 9 of 10 regions. Price growth reached a maximum rate in recent years and grew by 8.9% for the year. This means that property prices in England and Wales now £24280 higher than a year ago, and in London prices have risen by 11% over the year and now an average of £50605 above its value a year ago.

The acceleration of price growth comes at a time when many were expecting him to decline. The first and foremost reason of price growth in the acute shortage of new housing, which is felt everywhere. Despite the fact that the government has taken unprecedented steps, gripping the investors, demand for property in the UK has not declined and the prices of flats and houses in England and Wales over the last 7 years has grown on 50%, up from 2009 with £204875 to £298030 now.

This year was marked irregular on the market in UK property. In March 2016 was recorded maximum number of sales 97500, starting from Nov 2007 in anticipation of the April increase of the stamp duty. In April, due to over activity of the March was a failure . Then, the market has lived in anticipation of the referendum, and many deals were postponed, awaiting the outcome. Now, the market is under the pressure of pent-up demand and fully felt the lack of supply. The future behavior of the market will depend on the ability of the government to saturate the market with new objects.

® Alice Morgan. 12.09.2016 G.

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