Latest figures from the Land Registry make for interesting reading; in this article we take a look at what the figures mean for house buyers and sellers in the UK.
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On the Up
There is good
news for house prices! Since the December 2019 election, prices have increased
throughout the UK – mainly due to a more settled economic set up – for the
first time in 24 months. These Land Registry prices equate to an increase of 2.2
per cent during election month, an increase of 1.7 per cent on the previous
month. Indeed, December’s price increase was the first month this had happened
since February 2018.
Facts and Figures
Property experts – including conveyancing solicitors London – are now seeing house prices £5000 higher than in December 2018, with the average price confirmed as £235,000. This figure can be broken down as follows: £252,000 in England, £166,000 in Wales and £152,000 in Scotland. When it comes to regions, Yorkshire and Humber was unveiled as the area with the highest growth, followed closely by homes in the East Midlands. Interestingly, the South East recorded the lowest growth, hot on the heels of the West Midlands.
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Resilience
The house
price growth shows the resilience of the property market in the UK,
particularly after all the political uncertainty surrounding Brexit. Many of
those working within the property market – such as estate agents and
conveyancing firms – have also seen a hike in business, all contributing to a
more buoyant UK economy. Check out https://www.samconveyancing.co.uk/conveyancing-solicitors/conveyancing-solicitors-London.
Smoking Hot
House prices
in London are seeing their best rise since October 2017; indeed, in the last 12
months, a whopping 185 mortgages for £5 million and more have been taken out by
buyers purchasing top-value properties.
A Bright Future
The London
housing market rise looks set to be replicated throughout the country after a
particularly poor 2019; indeed, data from the Bank of England saw house
purchases during election month the highest they had been since July 2017.
Conclusion
These latest figures from Land Registry and other property experts provide a clear picture of a resilient and positive year ahead for the UK property market and for those wishing to buy and sell. After a dreary period for the property market, this is good news for the UK economy.