The strongest performing regions are the South of England, especially London. Demand for homes in the UK has been due to the modest growth in employment and the reduction of the cost of credit due to Government schemes such as Funding for Lending.
Properties in the South East experienced a 2% annual growth, from £197, 564 in the first part of 2012 to £202,312 a year later. London prices outperformed anywhere else in the UK, with a rise of 5.2% year-on-year, from £302,399 in the second quarter of 2012 compared to £318,214 this year, which is 3.5% faster than anywhere else in the UK.
Wales has also seen some recovery in the property market recently, although more modest than London, prices in Q2 of last year compared to this year have risen from £136,182 to £134,432, however Northern Ireland prices have fallen by 2% from £110,422 to £108,116.
House prices in England have still not reached their pre-crises level, remaining at 5% lower than their peak in 2007, with them being 13% lower in Wales, 12% lower in Scotland and 53% lower than in Northern Ireland.
If you are looking to buy a house, then why not contact Enable Independent, our mortgage advisors will be able to find a mortgage which best suits your own individual needs.
Issued by: Enable Independent Financial Life Planners 25c North Street, Bishops Stortford, Herts CM23 2LD Telephone: 01279 755950 - Fax: 01279 657339 Enable Independent Financial Life Planners is a trading style of Enable Independent Limited is authorised and regulated by the Financial Conduct Authority. It is important always to seek independent financial advice before making any decision regarding your finances. If you would like any assistance, please contact us. NOTHING CONTAINED IN THE ARTICLES SHOULD BE CONSIDERED AS GIVING INDIVIDUAL FINANCIAL ADVICE.
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