High asking price in UK and highest property price rise in Scotland and Wales
The asking price has reached a new high in England. The average asking price of the new markets in June 2018 is up by 0.4 per cent to US $410,070 (£309,439), setting a new high for the quarter. The main driver for the high asking rate is high buyer demand and comparatively low stock.
The reports on current market trends were released on Monday by Rightmove's House Price Index, where the sales were slow due to unclear political and economic situations, but sales are picking up in the year.
Region-Wise Trends
The division between the North and South is declining. The market trends involve increasing buyer demand, less buyer flexibility and sellers' high asking rates, especially in the North. As a result, the stocks in the North shrunk by 4.3 per cent compared to 2017, which led to an increase in price in the North.
In comparison to the North, the stock level in the South increased by an average of 17.5 per cent, where low demand led to a downward movement in prices.
In the East, the property stock was almost 24.9 per cent more than in May 2017.
Property prices in Wales and Scotland rose faster than in any other region in England, but the stocks dropped in these regions significantly. The inventory in Wales dropped by 10.3 per cent and in Scotland by 10.4 per cent.
Luxury Property Market
Higher stamp duty and Brexit-related uncertainty led to stagnation in the market, and these conditions are responsible for poor sales in England.
The luxury property market in England is still in the correction phase, and the property market is expected to gain anytime post- house Brexit. London will never be out of the scene where people worldwide seek options in real estate investments, especially in the luxury section.
London continues to be a popular destination for property buyers, where prices have significantly declined in the past few months, but investors believe the prices will recover soon. London is still in the top 10 best performing areas of England. The East Midlands and London recorded annual price growth of 2.9 per cent.
House Price Index (released by LSL Property Services and the real estate consultants -Acadata)
The latest house price index released on Monday finds that housing prices rose in the country by 5.2 per cent in May, where the average price rose to £184,348 (or US$244,108).
The most expensive region was Monmouthshire, where the price rose by 13.9 per cent (to £291,344 or US$385,750), and the Vale of Glamorgan, which was up 11.6 per cent (to £269,609 to US$356,972).
The Welsh capital, the city of Cardiff, is one of the 3rd most expensive areas, where Property costs rose by an average of 9.5 per cent.
Outside Wales, North-East of England reported the best performance in property was recorded where the costs increased at a rate of 4.5 per cent a year (to £164,836 or US$218,250), and in the North West of England, rose by 3.1 per cent (£191,810 or US$253,963).
Some of the latest updates in UK property investment are available at Hamilton International Estates (www.hamiltoninternationalestates.com)
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