The growth in property prices in England surpassed the growth of prices in London

The growth in property prices in the South-East and East of England overtook London for the first time in 4.5 years , these are the latest data presented by the index of property prices in England and Wales . In April, prices of flats and houses in England and Wales rose 0.2% , while the annual growth amounted to 5.3% , while average annual growth in property prices in London rose by 4.1%.

The average house price in England is now £275961. In the first quarter of 2015, the number of transactions in England and Wales fell by 10%, but it is expected that in connection with the stabilization of the political situation after the election, the situation on the real estate market will improve dramatically.

For the first time in 4.5 years the rate of growth in property prices in London have lagged behind the pace of price growth in the regions. Increased Stamp duty and investor concerns before the election that the authorities in the UK will come the labour party, led to the fact that prices in the London borough of Westminster, for example, where the average price of housing is £1382965, fell only in March 2015 5.2%. Election speculation on the risks of introducing a “mansion tax” has led to the fact that prices for luxury housing luxury in London has fallen by 16.5% in the first quarter of 2015 compared with prices a year ago.

Now the uncertainty in connection with the elections behind us and the real estate market of the London on the cusp of a new wave of demand. The shortage of good property and the excess of demand over supply will continue to push prices up. Low interest rates forced investors to invest in more profitable assets rather keeping deposits in Bank accounts.

But now London has ceased to be a driver of rising prices, demand for property in England extends from South-Eastern part of the large city, so prices for apartments and houses in Manchester and Birmingham began to break records.

Confidence in the property market of England restored in all its regions, buyers are actively using the best deals, caused a slight decline in prices before the election and the only obstacle to the free development of the market is the shortage of new homes for sale.

® Alice Morgan. 21. 05.2015

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