Property prices in the UK will grow by 20% in the next 5 years

Property prices in the UK grew on average by £1000 pounds each month for the last year, the largest growth of prices was in the East of England.

Report presented by real estate company Knight Frank shows that the rate of growth of housing prices declined over the past year, but nevertheless growth rates remain higher than wage growth. This forces the buyers to postpone the purchase for a longer period.

Average price for property in the UK rose from £265000 to £277000 over the past 12 months, according to the national statistics Agency.

The report distinguished the Agency Knight Frank contains a forecast, which says that on average over the next five years property prices in Britain will rise by 18.2% by the end of 2019.

Forecast price growth to 2019 by regions of the UK.

The growth in property prices in London for the first time in recent years lagged behind growth in housing prices in the whole country. This is not surprising because the average price of residential property in London is now £513000.

Average price of property in England is set at £290000 , Scotland- £192000 in Wales- £169000 , in Northern Ireland- £154000. The cheapest region of England – the North-East, where prices are established at the level of £156000. The cost of new housing is a bit cheaper than the secondary housing and is £272000.

On the chart – growth in property prices in the UK for the last 12 months. The biggest inflation of prices of housing was in the East of England

Meanwhile, if the statistics exclude London and the South East of England, we see that the average housing prices in the UK is just £211000 pounds, and fairly uniform throughout the country.

The real estate market of great Britain continue to host sellers. Demand far exceeds supply. On the background of historical low mortgage conditions and expectations of a rise in interest rates, buyers are in no hurry to make a transaction on favorable terms, fixing the rate.

However, the market situation is not the same as they were a year ago. In some regions sellers are surprised that their expectations do not meet the unconditional customer support. Appetites and the confidence of the buyers are strong, but they have more soberly assess the offers of sellers and not ready for the emotional shopping.

® Helen Entree. 28.08.2015 g.

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