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Uk Average Property Prices Are Still Higher in Comparison to Previous Year

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There has been a drop in property rates in the month of September but the prices are still higher. Halifax reports the growth rate was 2. 5 per cent in September, dropped by 1. 4 per cent from August average rate standing at £225, 995. The data suggests the markets of East and West Midlands, Humber and Yorkshire are buoyant, where sale agreements can be made in weeks but the London markets have no clear direction in house price growth. These markets are driven by low supply, low unemployment and low interest rates. Initially the company forecasted the price will be in the range of 0 to 3 per cent in the year but it is observed that the outcome is towards the top of range and most investments are need driven.

Growth in letting

The letting market remained active in the country with viewing grew 13. 3 per cent per annum and the lease signing was up by 3. 5 per cent. Supply of rental properties fell 6. 9 per cent as per quarterly analysis from Reapit and Dataloft. The report was based on combined data of letting agencies from various rental markets, viewing and demand signals. The withdrawal of landlord mortgage tax relief forced many landlords to sell properties and this led to supply issues. The survey by the company finds at least 10 per cent of the home owners are actively considering selling and this will have negative impact on rental inventories. Lower range markets doing well RICS claim the remarks by Carney influenced buyers who were actively seeking moving to new homes in the last few months as investors fear political and economic instability. RICS survey report based on consumer sentiments and viewers show the new buyers are holding back due to uncertainties and this can reduce transactions in some specific sections and regions.

Slowdown in purchase, affordability issues and lack of homes was responsible for low transaction in the month of September. Disparity in property rates across the country is also affecting buyers. The section of market where homes were below £250, 000 are doing well, whereas, the ones in the mid-market range are flat. Zoopla study on fast moving properties found, in Edinburgh properties sell fastest and in Manchester, the property takes, on an average, 36 days to sell, whereas, in London it takes 54 days, on an average, to get an offer.

Reducing rental inventory

There website Home. co. uk claims the number of rental properties are lowering in the country, especially, in Greater London as per the new data. The available homes on rent stay for not more than 20 weeks.

Growth in construction

Construction grew by 1. 5 per cent in the last quarter to August 2018, which this was led by growth of 15 per cent in the North West which is more than 10 times of the country’s average. The investments in North West housing increased by £386 million in the quarter as compared to the last year as per ONS statistics. The construction of new housing was up by 5. 6 per cent in the last quarter. Most constructions target first time buyers who have the advantage of stamp duty and Help to buy scheme.

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UK Average Property Prices Are Still Higher In Comparison To Previous Year. (2020, July 14). GradesFixer. Retrieved October 28, 2020, from https://gradesfixer.com/free-essay-examples/uk-average-property-prices-are-still-higher-in-comparison-to-previous-year/
“UK Average Property Prices Are Still Higher In Comparison To Previous Year.” GradesFixer, 14 Jul. 2020, gradesfixer.com/free-essay-examples/uk-average-property-prices-are-still-higher-in-comparison-to-previous-year/
UK Average Property Prices Are Still Higher In Comparison To Previous Year. [online]. Available at: <https://gradesfixer.com/free-essay-examples/uk-average-property-prices-are-still-higher-in-comparison-to-previous-year/> [Accessed 28 Oct. 2020].
UK Average Property Prices Are Still Higher In Comparison To Previous Year [Internet]. GradesFixer. 2020 Jul 14 [cited 2020 Oct 28]. Available from: https://gradesfixer.com/free-essay-examples/uk-average-property-prices-are-still-higher-in-comparison-to-previous-year/
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