A new report on property in England and Wales

Average price of property in England and Wales rose to 1.5% from March to April, while in annual terms the growth amounted to 6.7%. It follows from the data published by the land registry in the UK.

Now the average price for residential property in England and Wales is £172,069, and at its peak in November 2007, the average price was £181572 . The biggest growth of prices was recorded traditionally in London at 17 percent. And North-East England, by contrast, experienced a decline in home prices – prices in this region fell by approximately 2.9%. London recorded the largest monthly price increase was 4.2%, while that in the North-East of England was a monthly fall of 1.9%.

Significantly increased the number of transactions in residential properties in England and Wales.

If from November 2012 to February 2013 the average number of sales was 52331 per month , then a year later, the average number of transactions reached the figure 72080 over the same period.

The beginning of 2014 marked a very strong start in the property market in England and Wales. Limited supply of new facilities and the strong competition for the available for sale apartments and houses is pushing property prices up and not left to the buyers choice. However, it should not double-digit increases in prices to be sustainable. The last six weeks have shown that upon receipt of the new housing market , buyers have a greater selection and prices are beginning to level out.

The recovery of the property market is active in almost all regions of the UK – it is very important that moved the market in the lower price range. It is the merit, first and foremost, government incentive schemes market, such as “help to buy”.However, it should be noted that there is growing consumer confidence, which is a sign of a strong market.

The property market in England and Wales has one significant feature – the market is highly distorted excessively high property prices in London. The gap between London and some regions of England is enormous, and it continues to increase. This fact allows many sellers benefited from a lack of properties on the market, to put their objects on sale at an unrealistically inflated price. This practice now has a place outside of London that does not benefit the market and only creates a speculative mood, do not reflect the real level of demand.

In the circumstances the government needs to continue to stimulate the lower segment of the market through the provision of preferential mortgage loans. Such measures help the supply on the market of money required for the construction of new housing.

® Maxim Savitsky 26.05.2014

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