House Prices Grow by 2.8% in 2018.
Property prices still managed to increase last year. Despite a lot of uncertainty surround Brexit and political instability in the UK, which affected the housing market considerably.
According to the latest UK House Price Index from the Land Registy. Property value rose by 2.8 per cent over the 12- month period between November 2018 and 2018
The West Midlands experienced the highest increase in house prices in England, rising by 4.6 per cent over the 12 month period. However, the London property market was more subdued, with prices dropping by 0.7 per cent during the same length of time.
“London house prices have been falling over the year each month since July 2018,” a spokesperson from the Land Registry stated.
The capital is more likely to experience the impact of political uncertainty, with many foreign investigators put off from purchasing in the city ahead of Britain’s exit from the European Union (EU) on March 29th.
With no deal set in place still and just a month to go, property buyers might be apprehensive about committing to a house purchase, particularly in London.
This could explain why there was a 0.1 per cent decrease in property prices between October and November last year across England and Wales, while values dropped by 1.2 per cent in the capital during the month.
These figures are still, however, more positive than Nationwide’s, with the bank recently revealing that house prices only grew by an annual rate of 0.5 per cent between December 2017 and 2018. This represented the lowest property increase for five years, reported by the BBC
Homebuyers should not be deterred from going ahead with their purchase. Indeed, they could find they are able to afford a bigger house than they originally expected if propery prices fall in the area they are looking for.
Searching for a reliable removal company in Bournemouth? Get in touch with us today for your free no obligation quote!