Average price of property in London reached £534785

According to information received from the State Register of great Britain, the price of property in England and Wales fell by 0.5% in March, reaching an average value of £189901.

This means that the average property price in England and Wales grew by 6.7% per year, while the price increase was due primarily to the London and South of England. The average increase in property prices in London was 13.9%, reaching £534785. In the East of England prices during the year increased by 10.7% to £220989.

In all other regions, real estate prices in England, from 0.1% in the Northwest to 2.6% drop for the month in Yorkshire and the Humber.

Falling prices for residential property in March is not a surprise. After the crazy jump in prices caused by unprecedented demand from investors “buy to let”, hurrying to avoid paying the new Stamp duty, the market is experiencing a slight cooling. Meanwhile, experts do not expect a big drop in prices. Most likely, reduced demand for property from investors will be balanced by increased demand from first-time buyers afford homes. Demand for property in London will remain high against the background of the imbalance of supply and demand, when every available object properties in Londonoffered for sale, there are 14 potential buyers.

Some time prices will influence a referendum about the future of the UK in the EU. However, what would have been the outcome of the referendum, the market of real estate in the UK is unlikely to experience as a result of strong shocks. The main driving force in the market are now buyers who buy housing for themselves, who feel unprecedented support from the government. However, in this consumer sector it could be in the form of lack of housing for sale and rising prices, which is likely to be felt again after the referendum.

® Helen Entree. 26.04.2016 G.

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