The main growth in property prices in the UK is expected in regions

Centre for economic and business research published its forecast of the UK property market for the next 5 years. The forecast had been revised the previous forecast for 2015, published in January 2015. In its January forecast center predicted fall in property prices in the UK by 0.6% for 2015 . Now, the projected price growth at 1.5% in 2015 in the UK and prices drop 3.6% in London.

The effects of changes in the scale of Stamp duty, which took place in December 2014 was stronger than previously expected. The London real estate market continues to cool. However, we must bear in mind that the London real estate market has experienced unprecedented growth by 17.4% in 2014, and now real estate prices in London are falling mainly on expensive property in Central London , the cost of which is more expensive than 2 million pounds. Luxury properties in Central London experienced an unprecedented growth during the last five years. And now, after the adjustment of Stamp duty , which has significantly increased the pressure on luxury housing, as well as on fears of introducing a “mansion tax” party of labour, the luxury market is slightly losing ground , retracing the prices in favor of buyers.

In 2015, most likely, the increase in property prices in London will lag behind the growth in property prices outside of London. Leading market indicators such as the number of lookups and the number of new registered buyers indicate that the regions of England in 2015 will overtake London in price growth and growth in the number of transactions in the market. This will happen for the first time since 2009. An additional factor that reduces the interest of foreign investors in London has become a strong Pound Sterling against the Euro.

Outside of London the situation is exactly the opposite. Buyers are encouraged by the significant reduction in Stamp duty, which touched the most. Also, the market has encouraged an improvement in the economy and the employment market.

® Maxim Savitsky G. 05.04.2015

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