The real estate market of England is a favorable time for purchases

Asking prices for property in the UK suddenly decreased in may by 0.1%. This is the first decline in may for the last 5 years. Typically, the seasonal factor is that housing prices in may tend to increase. The average unit price of the property equal now £285891, which is 2.5% higher than a year ago. The largest online real estate portal Rightmove has published the latest data on real estate market of England, Wales and Scotland. The company suggested that the aggressiveness of the sellers before the elections led to the fact that some buyers prefer to buy a property advance, without waiting for the outcome of the elections. An unexpected outcome of the elections has led to the fact that the uncertainty in buyers ‘ minds behind and some time after the election will be markedly upward market pressure on prices.

In all likelihood, the new government will face a long-term problem of the supply of new housing units on the property market in the UK. In his election campaign the conservative government has promised to supply the market with about 275000 units of new housing for the next elections to the Parliament. The housing shortage was felt even before the election. Despite all the risks for the housing market, which was fraught elections, only 3 out of the 10 UK regions, housing prices have not increased. Not increased prices in London, where most of the real estate, the risk to fall under the “mansion tax”, in the North-East and Yorkshire and Humber.

However, those sellers who are going to greatly inflate the price, should bear in mind that they can face competition in the market , which will provide additional benefits to customers.

In the first three months after the 2010 elections there was a surge of 18% of real estate placed on the market. A similar pattern is expected and now the main stream of new properties placed on the market, is expected in the third quarter of 2015. This behavior of the sellers must stimulate to action buyers, and those who wanted to buy a property, it is better to act now, without waiting, when the prices in a few months will go up.

® Maxim Savitsky. 28.05.2015

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