Property prices in London are creeping up again

In a time when everybody is saying about the cooling of the real estate market of London, the London property sellers did not want to tolerate this state of Affairs and requested sellers of residential property prices in London continued to rise in October 2014.

This situation pushes towards growth, property prices across the UK who grow for 10 consecutive months. In October, the growth of asking prices in the UK was 0.2 % , and the year – 8.2 per cent , reaching average value of £267466 pounds.

However, if the statistics exclude London, it is obvious that asking prices in the other regions outside London fell .

Property prices in London returned to its upward trend after a slight slowdown in the summer months, which was primarily due to the correction in the market of elite housing. The number of new residential properties placed on the market of greater London increased by 54% compared to October last year, however, despite this increase, a typical apartment in London today is 15 % more expensive.

Outside of London property prices in England and Wales are experiencing cooling, not meeting seasonal expectations. Especially noticeable decline in prices in the North East of England, where prices fell 0.9 % compared to may 2014. However, 2014 for the UK real estate was the best year since the global financial crisis. Not much better situation with prices in the North West of England, in Wales and in Scotland. These regions barely managed to stay in positive territory, but mainly due to those cities, where housing demand always high and the prices made a significant jump up, adjusting the regional average.

It should be noted that the construction industry in the UK is now at its highest level since 2001, the supply of new housing is steadily increasing and the number of new housing throughout the United Kingdom increased by 14% compared to October 2013. But in this case, the average value of supplies again strongly influenced by London. Without London, the supply of new housing in the UK is negligible. Growth in asking prices for property in England and Wales was at the level of 9.6 % over the previous 12 months, but now chart price is slowly creeping down and, in all likelihood, this trend of slow decline in prices will continue in 2015, at least until the elections in may 2015.

® Maxim Savitsky 13.11.2014

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