The real estate market in the UK is fundamentally strong in 2017

Another market report UK real estateInstitute, this time from the National Bureau of Statistics (Office of National Statistics ONS) published at the end of November 2016.

The report contains data on the actual prices at which transactions can happen on the market. According to published data, prices on the residential real estate market of the United Kingdom rose to 6.7% in the 12 months prior to November 2016. The average price of a property was £217928 pounds.

The main contribution to the prices growth has made the real estate of England, where prices rose by 7.2%. Prices for property in London rose by 8.1%, reaching an average price of £481648. You must, however, be noted that prices in London are rising at the expense of real estate in the middle price range, property luxury continues to fall in price.

Prices for property in Wales increased by 4.1% to £147000, in Scotland by 3.3% to £143000. Average price of property in Northern Ireland remained unchanged at £124000.

The property is East of England showed the largest annual increase of 10.5%.

The lowest price increase among the regions of England showed North-East to 3.2%.

According to Ian Thomas, LendInvest co-founder , in spite of the external stimuli, of the UK property market will remain fundamentally strong for 2017. The market quickly recovered after the news about BREXIT, as evidenced by increased activity of market participants in December.

The market now looks like the potential buyers who took a break immediately after the referendum, came back . Cautious optimism, fueled by the lack of affordable housing and low interest rates is present in all regions of the UK in the first two weeks from the beginning of 2017. Buyers, fearing that prices will start to rise, I decided that now is the time to enter into a transaction.

Since the beginning of 2013, when the average price of residential property in the UK was £167617, now it has reached £estimated to reach 218,000, an increase of more than £50000, in spite of all the dire predictions.

® Helen Entree. 18.01.2017 G.

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