The rate of growth in property prices in England slow down

Prices for property in the UK in key cities increased by 8.5% per year in September 2016 and 1.7% in the third quarter of 2016. The latest data published by Hometrack index shows that the average price of a single object property in the UK has reached £239100, eleven key cities has shown significant growth over the last quarter compared to the beginning of the year, and in nine cities, the pace of price growth slowed. The pace of deceleration of growth of prices for property in London has reached its highest level over the past 20 months.

Inflation in the British housing market is more than three times higher than wage growth – the market there is clearly improving confidence and low interest rates on loans pushed the demand for mortgage lending.

The maximum price increase for the year recorded in Bristol, where prices for the year rose by 12.3%. Followed by London with prices rising by 10%, Southampton with growth of 8.6% in Cambridge and Birmingham with an increase of 8%.

During the quarter, the pattern of price movements is somewhat different – rather divergent in different regions.

In Aberdeen prices for the quarter fell 3% in Oxford – 2.5%, quite a small growth was recorded in the cities of Leeds 0.1% in Portsmou – 0.4%, Newastle and Belfast – 0,6%.

Good growth in the third quarter showed Cambridge – 3%, Liverpool – 2,6%, Cardiff – 2,5%, Berminat – 1.8%, and Southampton and Birmingham and 1.7%, respectively.

However, the report noted that despite the quarterly growth in prices in some cities, he could not cover the annual slowdown in the growth of prices .

Thus, the market of real estate of the United Kingdom is a slowdown in the growth rate of prices in the avant-garde which, as before, is London. If the average price increase for the year 2016 is expected to reach no more than 10% in the following year, most likely, it will not exceed 5%.

The market of real estate of London now has the most weak among other cities position in the market of real estate of London, the largest number of offers and the low demand for the last three years. Early market indicators suggest that the London property market will continue to slow in the next months.

® Alice Morgan. 20.10.2016 G.

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