Property prices in England and Wales continue to grow

Asking prices for residential property in England and Wales rising for the fifth consecutive month and reached a record level of £317281 in may 2017.

Despite the fact that all the indicators indicate that market the London property is slowing, data from the UK’s largest property portal show that average asking prices are rising in London , reaching a value of £649864.

At the England and Wales average asking prices higher than a year ago by 3% and standard family house or apartment is the most sought-after housing in the market of real estate of England – showed a price increase of 5.4% over the year.

According to Rightmove, the market is held by families with young children who move twice as often than other people.

But not everywhere are increasing the asking price. In Wales, for example, they fell by 1.8% over the last month and is now just 0.7% higher than a year earlier, with an average price of £182769 . In the North-West of England prices fell 0.1% over the last month , but the annual growth was 3.6% and the current average price – £185911.

In the East of England there has been little if no change in price over the last month, however, compared to may of last year, the price is higher by 4.4% and now reached £349251.

Outside London, only one region saw a significant rise in prices over the last month is the South-East of England with prices rising by 2% to £426767 and annual growth of 3.4% and the South-West of England with a monthly growth of 1.5% to £309033 and annual price growth of 3.7%.

In West Midlands the monthly price rise was 1.3% and the year – 5,9%.

Across the country, the demand for property exceeds supply and continues to shape the price trend. Traditionally, the first half of the year the market is stronger than the second, and it seems that this year will be no exception. It is not clear what impact political developments on the housing market in the second half of the year, but the Rightmove report shows that families with children under 11 years are twice as likely to change their place of residence and are mostly buyers for 3 or 4 bedrooms. Not coincidentally, this is the sector demonstrated a growth of prices by 5.4%, or in absolute change £13960 , and the average price reached £270953.

In the market of real estate of London , the situation looks so that new sellers are more confident going into the market than anywhere else. Despite the approaching elections, the market in the last month it’s more real estate than in previous months. All this is happening against the background of slow but steady growth in prices, the average price of an apartment or home in London has reached almost £650000. For the first time before the upcoming General elections, buyers seem not to have feelings of uncertainty. The main current problem of the market is the imbalance of supply and demand. If the supply problem will not be resolved quickly, the total housing shortage will lead to a market slowdown.

© Alice Morgan. 25.05.2017 G.

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