14
Jun
UK prices show 0.6 per cent increase
Property prices increased by 0.6 per cent during April compared to
the previous month as the market remains stable.
Data from the Land Registry, Registers of Scotland, Land &
Property Services Northern Ireland and the Valuation Office Agency
showed an 8.2 per cent increase in prices compared to April
2015.
The average price of a property in England increased by 9.1 per
cent over the 12 months to April - meaning the average home now
costs £224,731.
London saw prices rise by 14.5 per cent to total £470,025 for
the average home in the capital.
Jonathan Hopper, managing director of the buying agents Garrington
Property Finders, explained the figures do not support a widespread
fall in activity following the introduction of the new stamp duty
charges.
"Instead, the picture it paints of price inflation is business as
usual especially in London, East Anglia and the Southeast. But in
transaction terms things are far less rosy, especially in the
higher price brackets where more sales are discretionary and many
sellers are holding off putting their properties on the market
until after the Brexit uncertainty is past," he explained.
“But even though demand outstrips supply in many areas, the
power dynamic is shifting from a seller’s to a buyer’s
market as increasing numbers of vendors are forced to reassess
their overly ambitious asking prices,” he added.