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Property Market Continues To Grow As Annual House Price Growth Reaches 2.8%
Homebuyers and house sellers who are worried about the state of the property market will be relieved to hear house price growth of 2.8 per cent was achieved last year.
While experts have predicted impending Brexit could have a detrimental affect on the UK’s housing industry, most of the country has remained unscathed so far, realising an increase in property value over the last 12 months.
According to the latest UK House Price Index from the Land Registry, the average price of a property in Britain was £230,630 in November 2018. Despite a monthly decline of 0.1 per cent, properties have typically risen by £6,343 between November 2017 and 2018.
Detached houses rose the most in value, increasing by 3.7 per cent over the 12-month period, followed by semi-detached properties, growing in value by 3.5 per cent.
This is good news for those working in construction and using steel cladding sheets on a daily basis, as it shows the popularity of houses among British homebuyers. However, flats and maisonettes were not as well-received last year, dropping in value by 0.4 per cent.
While the majority of the UK saw house price rises, this was not the case for London, where values fell by 0.7 per cent over the year. This is likely to be due to the capital feeling a bigger impact from Brexit, as investors remain uncertain about purchasing in the city after the UK leaves the European Union.
With house prices continuing to rise in most regions of the country, this shows there is still strong demand for properties and a need to boost housing supply across the UK.