Property prices soar despite pessimism
Despite predictions that property prices would drop due to Brexit, house prices hit a record high in February, soaring £12,000 over the past 12 months.
According to data compiled by the Office for National Statistics and the Land Registry, property values jumped 5.8% year-on-year. “House prices today prove unshakeable, as home buyers are now paying 1.3 per cent more for their homes than they were pre-Brexit. That’s a far cry from the 18% drop in house prices that former Chancellor George Osborne predicted. We can expect price growth to continue as Council of Mortgage Lender figures also show market resilience as home buyers borrowing is up a huge seven per cent on the year, and two per cent higher than last month. This chimes with our own data which show a surge of new buyers and new instructions entering the market.” Paul Smith – chief executive of haart estate agents said in a statement.
House prices in London were 3.7% higher than a year earlier – a slower rate growth in comparison to other English regions, such as the Midlands, the South East, the South West and North West, which saw a considerable property price growth.
The largest annual growth in the year to February 2017 was the Shetland Islands, where prices jumped by 25.9% to stand at £184,000 on average. The North East saw the slowest rate of house prices growth, with an annual increase of 2.2%.
London still holds the first place of the highest average house price at £475,000 and the North East of England as the lowest at £124,000.
Written by: The Team | On: April 12, 2017