The latest report on property prices in England and Wales

The average price for residential property in England and Wales, though declined slightly in March 2014, in April increased by an average of £1200 . One of the most influential and accurate indexes of property prices in England and Wales – index LSL ( Index LSL Property Services Acadametrics ) in April 2014 was published recently. According to the data presented in the index of housing prices in England and Wales climbed 0.5% in April 2014, reaching a new record of £263113. The index also shows that the number of transactions in the residential property market in England and Wales increased by 40% over the year, and in April 2014 the number of transactions reached the figure of 72000.

The report notes that the growth in property prices is due not only to rising prices in London and the South-East coast of England, as it was previously. Throughout England and Wales are marked by a strong demand from first-time buyers afford housing as well as homeowners who purchase a property with the aim of renting it out.

Low inflation and a healthy economy, which promotes the growth of wages, fueling the optimism of buyers and they are actively looking for an opportunity to improve their living conditions. Strong growth in property prices in London at an average of 13.2% last year, led to the fact that people increasingly began to see their own accommodation outside of London, thus pushing prices in the other regions of the UK. Over the past year, prices in the South-East of England rose by 6.1%, East 5.3% and in the West – by 4.4%, in the South-West by 4.2%, in the North of England, 3.7% in Yorkshire and the Humber 3.5%, in the East of England 2.9%, in the North-West to 2.7%, and in Wales and 3.5%.

Lincolnshire, Northamptonshire and Nottingham saw a rise in property prices that exceeds the national average. East England is the third region after London and the South East, where prices have reached their pre-crisis peaks. In 89% of the regions of Britain, property prices have shown growth.

Demand for property in the UK has shown no signs of decline. But the supply of new objects, which is the main reason for rising prices to bring in line with demand. This is the most important task in the stabilization of the market. To the dynamics of the market remained intense new housing construction – the main task of the industry.

® Maxim Savitsky. 08.05.2014 G.

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