The growth in property prices in the UK slowed

The average price of residential property in the UK rose by 7.7% at the end of September 2016 compared to September 2015. However, last month the price increase was only 0.2%, indicating a slowdown in price growth. The average price of a residential property was £estimated to reach 218,000, and the annual growth in absolute terms – £16000. London remains a leader in housing prices with a harmful price – £488000.

These are the data presented in the latest report of the index Nationwide.

Figures from the National Statistics Agency, also show that the average price of property in London continue to rise at the fastest pace, surging last month by 1.4%. As a leader among London districts for the year was Croydon, where prices for the year increased from £320175 to £373339, that is, 16.6%.

Average price for new buildings in London have increased by 23.3%.

In England the average price of housing increased by 8.3% , to a value of £234250.

The most successful region was the East of England with the growth of 12.1% for the year, the most failure – North-East with annual growth of 1.5%. Over the last month in the North-East is also marked by 1.9% fall in prices over the past month.

In Scotland and Wales, prices grew by 3.4% and 4.4%, respectively.

However, there is a decline in the number of sales. So, in July 2016, the number of completed objects fell in comparison with July 2015 from 28.1% to 66870 with 93040. And the number of sales in London fell by 43.3% to 7074 compared 12481 in July 2015. While sales in Wales were the least vulnerable, falling in the last year 23.4% to 3525 with 4603 year, the company informed.

The main problem in the housing market the UK real estate remains a lack of affordable housing. For the normal functioning of the market needs every year to donate 300,000 units of new real estate. It is not clear how the government intends to solve this problem. Currently, the rising prices were supported by a structural mismatch of supply and demand, but the supply reduction, buyers are increasingly difficult to find appropriate housing and reducing sales in the market can reach a threatening level. The trust of buyers to the market is also still low interest rates. However, according to many market representatives, it is necessary to revise the grid Stamp duty, which puts a heavy load on buyers. Especially feel this burden buyers in London who have to pay at least 5% Stamp duty for any apartment or house. This issue will be devoted to a meeting of the government next week.

® Helen Entree. G. 15.11.2016

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