According to the latest figures from the UK Land Registry the housing market slows as house prices rise. The East of England is said to have the highest rise with properties now up by 11.3 % at the end of 2016. The number of properties sold in the UK at the end of 2016 fell by almost 35 % in the UK and 25.9 % in Wales.
Number of sales falls across the UK
As the pound looses value and house prices continue to increase many people are said to be reluctant to buy homes following the unpredictable climate after the referendum. According to the Council For Mortgage Lenders borrowing for first time buyers is up 13.5 % compared to last year with a record £53.6bn being lent to new home owners during the year.
Londons average house price £300,000 above rest of England
According to the Halifax latest figures a typical home lost almost £2,000 or 0.9% during the first month of the year, with Llyods bank reporting that the house prices in London are growing at twice the rate of the rest of England and Wales. With the average property in London said to be worth £578,381 compared to the average of £278, 750 across the rest of the Country. That is an average big difference of £299,631.
Whilst this may be great news for those who already own a home it is disappointing for those who are hoping to get onto the housing ladder this year. With London house prices said to be affordable for most with prices being over 12 x the average earnings.
Average house price passes £300,000 in England
Based on reports from Nationwide and Halifax England and Wales made a strong start to the year with typical house prices surpassing £3000,00. that’s a rise of 0.3% from December and a 3.1% rise from January last year. However as the demand for rental properties is increasing, over the next 5 years UK rents are set to rise quicker than house prices bringing more bad news for renters who are trying to get onto the housing ladder.