High asking price in UK and highest property price rise in Scotland and Wales

High asking price in UK and highest property price rise in Scotland and Wales

19 Jun 2018

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 percent to the 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 the Rightmove’s House Price Index, where it was found that 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 seller’s high asking rates, especially, in the North. The stocks in the North shrunk by 4.3 percent, in comparison to 2017, and this 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 percent, where low demand led to a downward movement of prices. 

In the East, the property stock was almost 24.9 percent more as compared to May 2017.

Property prices in Wales and Scotland rose faster than any other region in England but the stocks dropped in these regions significantly. The inventory in Wales dropped by 10.3 percent and in Scotland, by 10.4 percent. 

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 a correction phase, and the property market is expected to gain, anytime post Brexit. London will never be out of the scene where people across the world 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 percent.  

House Price Index (released by from LSL Property Services, and the real estate consultants -Acadata)

The latest house price index released on Monday finds the housing prices rose in the country 5.2 percent in the month of 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 percent (to £291,344 or US$385,750) and the Vale of Glamorgan, where the price was up 11.6 percent (to £269,609 to US$356,972).

The Welsh capital, the city of Cardiff, is one of the 3rd most expensive areas, where prices rose by an average of 9.5 percent. 

Outside Wales, the best performance in the property was recorded by North-East of England, where prices increased at a rate of 4.5 percent a year (to £164,836 or US$218,250), and in the North West of England, the prices rose by 3.1 percent (£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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