The real estate markets of London and South of England, the demand far exceeds supply

The average asking price for residential property in England and Wales rose by 0.6% in England and Wales and July , and in Scotland remained unchanged. The latest data provided by the company Home.co.uk showed that average asking prices in July for residential property in London rose by 1.5% and 12.5% for the year. In England and Wales, the price increase was 6.2% for the year in Scotland and 3.6% . Now the average asking price in England and Wales amounted to £281497 , London- £525145, Scotland – £167680.

The data also showed that the supply of real estate intended for sale, the real estate market across the UK fell by 10% and the South East of England remains the fastest regional market where the average time of sale of the object on the market is 61 days.

At a time when rising interest rates only on the horizon, and is now at historically low levels, there is a significant excess of demand over supply and prices continue to rise.

The crisis of supply of new housing has become all the more acute. Now, amid increased demand , especially it updates the level of supply in July 2015 were at their minimum since the post-crisis period. The maximum reduction in supply was in London and the South-East, where in July the number of new received in the housing market decreased 23% and 16% respectively. In other southern regions the level of supply of property is also reduced and it becomes clear that the situation on the real estate market of London and South of England dictate the sellers, which leads to the fact that prices are formed in an upward trajectory. Now, in August 2015 the property market in England and Wales on 11% less available for real estate sales than a year ago 39% less than in August 2007.

Looking ahead, it should be noted that only the real estate markets of London, South and South-East of England in the future, we should expect a significant lag in supply of new housing demand. In the markets of real estate of the middle part of England, South-West and North , according to preliminary estimates, the demand and supply would balance that will not lead to strong price growth in the Central and Northern part of England.

® Alice Morgan G. 17.08.2015

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