Property prices in England are rising in the regions and slowed in London

Rising prices for houses and flats in England and Wales slowed the pace of price growth is now the smallest since 2013. However, the average price of property in England and Wales now record – £275123.

In March the annual price growth was 5.6% – these are figures given LSL – index of property prices in England and Wales. The slowdown in prices was felt stronger in the South of England, where the most expensive housing. Sector of expensive housing is subjected to a double pressure – first, significantly increased the tax burden in connection with the introduction of a new scale of Stamp duty (In the UK reduced the Stamp duty) in December 2014, and the second is the sector of expensive real estate froze in anticipation of the outcome of the elections to the British Parliament in may 2015, for fear of introducing a “mansion tax” .

In March growth in real estate prices amounted to 0.2%.

The upcoming elections have become one of the most uncertain over the past few decades. Deterred from making important decisions both buyers and sellers of real estate in the UK.

The structure of regional price movements for houses and apartments in the UK, by contrast, looks positively. Changed scale of Stamp duty encourages buyers in the lower segment of the market and the market for the first time since the crisis, revived in the regions where for many years there was stagnation. The cooling market is the most observed in London where the maximum load from both Stamp duty and a huge number of properties at risk to fall under a possible “mansion tax”. The southern regions of England also was in the area of falling prices. January-February 2015 prices in the South West fell by 0.9%, approximately the same figures in London and the South-East of England. The rest of the regions are showing steady growth.

London and the South East of England has long been the locomotive of growth of prices, thereby creating a huge gap between the prices to the rest of the UK. Now that gap is slowly declining – and this is a positive signal since the market strives for fair balance and long-term sustainability.

® Helen Antre 06. 04. 2015

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