Property prices in England will rise to the end of 2016

The prices of apartments and houses in the UK for 12 months prior to March 2016, the year increased by 5.7%, reaching average values of £200251, but the gap in property prices between the South and the North of England continues to grow. According to the report submitted by the Nationwide index, which is also the UK’s largest mortgage lender, real estate prices in the United Kingdom has grown continuously at an average rate of 0.8% since February 2015. The price gap between North and South is now £163000 and the price of real estate in England, in the Northern part of it is less than half the average price of an apartment or a house in England to the South. The increased activity of buyers in recent months, of course connected with the introduction of the new tax burden from 1 April to buyers of second residential facility. It is expected that from 1 April 2016 activity in the market lose some steam. Meanwhile, as indicated in the report, good data from the labour market, rising wages, low cost loans, as well as the imbalance of supply and demand give up hope that the demand in the property market in the UK remain high and prices will increase in the coming quarters until the end of 2016.

The supply of new housing remain at historically low levels over the past 30 years and demand grows, this fact can not affect prices. The best result for the last quarter showed Outer Metropolitan , which recorded price growth in year-on-year at 12.2 per cent, followed by London, where prices in annual terms increased by 11.9% . In the North of England the growth of prices is quite small – only 1.1% . Also weak growth in property prices in Northern Ireland, where the annual price growth was just 1.8% and prices are still 45% below their pre-crisis values.

Small, only 1.7% growth of prices for real estate in Wales . While prices for property in Scotland continues to fall slowly, showing a decrease of 0.2% compared to the 1st quarter of 2015.

Thus, the most rapidly continues to grow property in London and the South of England, continuing to break records . Property in London, for example, has 52% more than in the price of their pre-crisis peaks, by contrast, is a property all over England – only 9%.

®Helen Entree. G 04.04.2016

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