In 2015, the expected increase in property prices of London in the low price segment

Rising prices for residential property in England and Wales slowed to a 10 month low but there are signs of increased price growth rates in January 2015.

In January, prices rose 0.3% compared to December 2014 , reaching a value of £277857 in accordance with the latest LSL index.

During the year the growth in property prices in England and Wales was 7.5% , but if the statistics exclude real estate prices of London and the South-Eastern part of England, the increase for the remaining regions will account for only 4.5%.

The Northern part of Britain has experienced fairly strong demand early in the year. Primarily this was due to the high level of sales to first-time buyers buying a house, which supported the programme of the UK government’s “help to buy”.

The driver of the slowdown in housing prices in England and Wales, as always, is London, which has had the greatest influence increased for expensive real estate Stamp duty and may have discussed for the introduction of a “mansion tax”.

In this regard, the greatest market activity is expected in the sector of affordable housing in London. Real estate worth up to £937000 pounds only benefited from the new scale of stamp duty. It is also clear that it will not affect the “mansion tax” if it will be introduced. Because in 2015 the market should do quite a lot of new housing for-sale balance between supply and demand needs to improve.

The fact that the strongest growth in property prices in London in 2015 in the low price sector, confirmed by the data of 2014 of the cheapest areas of London – Barking and Dagenham , where was recorded the largest price increase – by 33%.

In 2015, buyers will continue to attract historically low interest rates on loans, reduced stamp duty in the low price segment.

® Maxim Savitsky G. 16.02.2015

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