The electoral victory of the Conservatives contributed to the growth of property prices in London at £10000

Confidence returned to the housing market in the UK after the successful outcome of the elections and the result of this confidence was the increase in asking prices of more than £10,000 for the last month.

The latest report from the index of the real estate portal Home.co.uk showed that average property prices in England and Wales rising four consecutive months in a row and even the usually stonerose North East region of England shows growth. 13% reduction in the time spent by objects in the market that is also an indicator of recovery.

The report also noted that the supply of residential property for sale lags behind demand in all regions of England except London, where over the past year significantly increased the time of sale of the objects.

Asking prices increased in England and Wales over the last month by 1.1%. According to preliminary forecasts, up to the end of the year we expect the price increase to 5.9%.

Prime Central London most affected by the political uncertainty pending General elections, which led to a significant price drop. The consequence of stagnation of prices was the increase in the time of sale of the objects. So, in Belgravia, a typical property is now on the market an average of 50% longer than it was in June 2014.

In the rest of England and Wales the picture is somewhat different. On the North and North-East of England, Scotland and Wales, there is a slight increase in the time finding objects on the market. In the southern regions only a small increase in time sales due to the fact that asking prices increased in comparison with the latest expectations of customers. And before the expectations of sellers and buyers to come into compliance, the property market of England in London and the surrounding regions can survive the slowdown.

® Alice Morgan. 15.06.2015.

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