Property prices in England rose by 8.4 per year in London – 21.6%

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posted on Sep. 28, 2014 at 6:50 pmOctober 18, 2019

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The average price for residential property in England and Wales rose 1% in August 2014 and reached £177824 . The latest Land Registry index of house prices in England and Wales was recently published.

According to published data, prices rose by 8.4% for the year and is already close to its peak, which was taken in November 2007 and amounted to £181383. Just more 82600 residential properties was registered in England and Wales in August 2014 at prices ranging from £13,000 to £24.5 million the largest increase in prices over the year were in London – by 21.6% . In addition, August saw the biggest monthly price increase – by 2, 7%.

The lowest growth of prices in annual terms was observed in the North-East – 3% per year. The South-West and North – West saw the most significant drop in prices in August 2014 by 0.1%.

According to the data for July 2014 shows that increased the amount paid to the residential property market in England and Wales a new home. In July it was commissioned 73158 residential facilities, and in July 2013 was completed and commissioned 66123 object. During the year the growth was 11%. The number of residential properties in England and Wales is more expensive than £1 million raised in June 2014 to 34%. With 848 properties in June 2013-1135 objects in June 2014.

If property prices in London is far beyond their pre-crisis levels in the rest of Britain only started the progressive movement and most of the increase in prices, according to most market analysts, is yet to come. The property market in England and Wales demonstrates confidence and a healthy price dynamics. Deterrent for it will be the rumors about a possible rate hike by the Bank of England, as well as looming in the spring of 2015 parliamentary elections. However, it is clear that before the election the government is unlikely to take unpopular measures affecting one of the most important sectors of the economy – the construction sector and the housing market.

Therefore, there is every reason to believe that throughout England and Wales of residential property prices will continue to move up.

® Maxim Savitsky 30.09.2014

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