All indexes of property prices in the UK show a declining rate of price growth

Another report on the real estate market in the UK has confirmed that prices for residential property have been growing at such a rapid pace. According to a report published by the influential Royal Institute of Chartered appraisers, also known as the index of index, (Index index) the rate of growth in property prices in the UK slowed down to approximately the level of June 2013 .

Similar findings were recently submitted report from Bank Halifax, which confirmed a corresponding drop in the growth rate of prices.

Across the UK the demand for residential property is falling for the third month in a row in London – a decline in demand is observed for the sixth consecutive month. Such a reversal the market has performed for the first time since April 2012.

In Scotland, after the referendum, significantly decreased the number of requests for the purchase of new housing in September.

Overall in September the real estate market in the UK, I accumulated a lot of objects that for sale longer than usual time required for their sale , which is clearly evidence in favor of the fact that the tendency to falling prices. The sellers of such properties will be forced to accept offers of lower prices. For those conditions that have developed in the market after a period of many months of continuous rapid rise in prices, this situation is favorable, as the market returns to more reasonable prices.

Reacting to political rhetoric around the introduction of a “mansion tax”, since the beginning of the year prices fell for houses with three and four bedrooms. In General, over the 12 months, the price drop amounted to 2.2%. For houses with three bedrooms the price drop was 2%, for homes with four bedrooms or more prices fell 3.5% c beginning of the year.

The slowdown in consumer activity is in contrast with the increasing demand for rental housing that have provoked the growth of prices for rental residential property in the UK.

Despite current market conditions, analysts expect growth in property prices across the UK up to the end of the year. An exception may be only in London. According to experts, the real estate market of London is already at its peak and we can expect a small price drop in the market before the end of the year. Especially interesting market in December, before Christmas. At this time, the employees of real estate agencies and developers traditionally, be flexible when discussing price and go on good discounts. Therefore, the end of the year – a very favorable period for home buying. In the rest of the UK expected price growth at 2.1% until the end of the year, which, however, does not negate the rule that the most interesting transactions in the market can be enclosed in the run-up to Christmas.

® Alice Morgan 13.10.2014,

Price indices for UK property

The Index Of The Land Registry

Index LSL Property Services Acadametrics

Index Nationwide

Index Office for National Statistics

Index Rightmove

Index Halifax

Index Hometrac

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