English Properties Rise In Value By 3% Y-O-Y

Properties in England have risen by three per cent over the last year, despite prices in the capital declining.

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According to the latest figures from HM Land Registry, house prices stood at an average of £249,408 in England in September 2018, remaining unchanged from the previous month.

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However, this is an increase of three per cent since September 2017, driven predominantly by a huge annual price growth in the West Midlands of 6.1 per cent.

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London’s property market did not fare well in comparison, with values in the capital dropping by 0.3 per cent over the 12-month period.

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A spokesperson for the government stated: “London prices have been falling over the year since March 2018.”

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Therefore, these statistics are not surprising, despite being disappointing to those in London who want to sell and make as much money on their asset as possible.

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Despite this, Halifax’s managing director Russell Galley recently stated house prices are within its forecast annual growth of between zero and three per cent due to the fact “the supply of new homes and existing properties available for sale remains low”.

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He was commenting on the bank’s latest House Price Index, which reported an annual growth of 1.5 per cent between October 2017 and 2018, which is even lower than the figures released by the Land Registry recently.

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Boosting supply of UK homes with new developments that require plenty of insulated roofing sheets and other materials could mean house price growth declines even further.

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However, it will benefit first-time buyers who are struggling to get on the property ladder by increasing the availability of homes and making houses more affordable for them to purchase.