UK property: Prices set to hit all-time high

UK property: Prices set to hit all-time high

The strength of the UK’s real estate sector amid global economic uncertainty is further underlined, with average prices on course to hit a new all-time high
Summary

  • Average property prices in England and Wales are on track to reach a new record high
  • Price growth is being driven primarily by the key regions as homebuyers and investors begin to look beyond the capital
  • UK property market continues to show “resilience” at a time when other assets fluctuate on global economic and political uncertainty

 

Between February and March, average property asking prices increased by 1.3% or £3,877, according to the latest figures by Rightmove, who believe this increase is an indication of the “continuing resilience of the market”

The monthly price upswing is in line with the increase seen in March last year, and only falls £363 short of the recorded high of the £310,471 monthly increase of June 2016.

According to Rightmove, price growth is currently being driven by the regions, as increasing numbers of homebuyers and property investors looks beyond the previously favoured London property market which, at 0.9%, saw the country’s smallest recorded price growth over the last 12 months.

While average property prices in the capital increased by 2.3% in 2016, key regional areas such as the East Midlands recorded more than double this increase, with prices rising by 5.7%, taking the average price tag of property in the region to £200,620. In addition, the West Midlands recorded the second-highest price growth, of 4.2%, taking the average asking price there to £212,798.

2017 is expected to see increasing numbers of buyers, particularly investors, looking beyond the capital to the Midlands and other areas of the UK, such as the north west of England, which is currently seeing the highest rental yield growth in the country.

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