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Property prices in East of England rise most

Property prices in East of England rise most

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Data just released from the Land Registry shows that the average price of a property in the UK is now £218,964 after a rise of some 8.4 per cent over the past year.

In August alone - the latest data used by the Registry - the average property price rose 1.3 per cent 

The Registry says housing market indicators until the end of summer suggested relative stability with demand and supply in August broadly unchanged from the month before - although economic indicators were “somewhat weaker than in 2015 and early 2016”.

Across the UK regions the largest growth - 13.3 per cent in one year - was recorded in the East of England, with 12.2 per cent in the south east and 12.1 per cent in Greater London. 

However, some consultancies are beginning to warn of Brexit-inspired trouble for the housing market leading to low or negative price growth in 2017.

Alan Williams, Fenn Wright Managing Partner and head of residential sales says:
“Although the market has a different ‘feeling’ to it post Brexit, demand is still high and there is plenty of activity from buyers and sellers alike. It seems unlikely that prices can continue to rise at this level in our region in 2017 but we don’t anticipate a significant fall in demand. 

“We have noticed some signs of nervousness as a higher proportion of sales are falling through this year compared to last. Solicitors are struggling to cope with demand which is slowing some transactions down and increasing the risk of a breakdown in the chain. 

“It’s vital in this climate that clients choose an agent with a reputation not just for marketing and agreeing a sale but for the ability to make a difference to the period of uncertainty between a sale being agreed and contracts being exchanged. This crucial part of the process cannot be left to chance”.

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