The rate of growth in property prices in England are rising, and in London, slow

After 12 months of consecutive growth in prices of property in the UK, the annual rate of price growth has begun to slow down. But of course, in the context of the regions, price movements are diverse.

In major cities outside the South London prices continue to rise, and in London and in the South of England the property market is experiencing a downturn.

Outside southern England, the prices continue to grow at the same pace – from about 7% to 8% per year, without any signs of slowing down.

The exception was Aberdeen, where annual price growth has slowed from 10% to 8 % for the month.

In the whole country the price increase was 9.5 percent in July, falling from 9.9% in June. The strongest annual price increase was observed in Bristol by 14%, followed by London with an 11.7% annual growth. Although this was the strongest annual growth in London over the past month the price increase was 2.1%, the smallest gain in 17 months.

The slowdown of growth of prices for property in London due to falling interest from investors, which, in the first place, scares increased Stamp duty. With a particularly noticeable reduction in investors ‘ appetite for the Luxury – segment of super-expensive real estate in a price range from £2 million to £10 million

The impact of Brexit on the real estate market of London is still too early to analyze specific figures , but judging by the polls, a British exit from the EU is not as significant as the imposition of high stamp duty.

Cambridge also turned out to be sensitive city to demand from investors, over the past quarter prices in Cambridge fell by 1% , however the annual growth rate of 7.1%.

The lack of negative trends in the UK economy, low unemployment and historically low mortgage rates have a beneficial impact on the mood of buyers and investors in the UK housing market. While the overall picture of the sales will include the continuing decline in London. Faced with lower demand in the market of real estate of London, many sales agents will be to revise prices more affordable to consumers. Previous experience shows that the process of matching the demands of sellers and buyers ‘ expectations, it can last up to 6 months and depends on how quickly the sellers will be able to adapt to new market conditions.

® Alice Morgan. 22.08.2016 G.

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