The property market in England and Wales showed a strong start in early 2017

The average price of houses and flats in England and Wales reached £300,000 and strong start, which the real estate market has seen in 2017, has led to new price peaks. Prices rose 0.3% in January up to an average of £300169 , and the annual growth amounted to 3.1%. If the calculations exclude London, which is now pulling back statistics, the annual growth of prices will amount to 3.7%.

The index data of the UK property LSL show that the driver of growth for property in London has become the London district of Barking and Dagenham, which rose in price by 13.6% and the Eastern part of London, with price growth of 7.1%.

January was the first month starting from March 2016, when the market of real estate of England and Wales showed strong growth in the index LSL. Prices are now almost £10000 higher than a year ago, when the average price was £291165.

Now the average price of residential property in England and Wales two times higher than in January 2002 – £150,000, and the number of transactions in January 2017 – more than 60,000 have also been encouraging. This is slightly less than in January 2016 – 62059, when in anticipation of tax changes, the market was at its peak , but about 2,000 more than in January 2015.

Thus, the market saw a solid start early in the year. A good start also in the real estate market of London, where for the first time in 9 months, the average price rose 1.3% to £598001.

The growth of average property prices in London are due mainly to the low prices. So, in Barking and Dagenham the average price is now £301572, this is almost half of the average price in London. The remaining 13 of the cheapest areas of London also held in 2016 under the sign of significant price increases.

The most expensive areas of London – the Central estate of a class “Lux” started to show recovery at the end of the year. Kensington and Chelsea showed at the end of the year price growth of 2.7%. The biggest fall in prices recorded in the City of London – December prices have fallen by 10%, compared with December 2015 prices have shown a 20% drop. This is not surprising – due to the Brexit it is the financial sector of downtown London was under attack.

However, the optimistic figures of December and January give hope that a bottom in the real estate market of London was passed last year and the year 2017 will be a year of cautious optimism. The best indicator of growth in the regions – in the city of Luton. Prices in Luton increased by 10% per year in anticipation of improvements to transport infrastructure.

® Helen Entree. 15.02.2017 G.

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