Across the last few years, there have been many predictions and forecasts as to how house prices will fair amidst all of the Brexit uncertainty.
Some experts believed that property prices could see a fall as a result of a hesitant market and low activity, however, it appears that British homes have remained defiant and as a whole, the UK has seen an annual rise.
According to the latest official figures from the Land Registry, homes in the UK have risen in value by 3.1% in the 12 months to July 2018.
Not only have prices increased across the year, but figures also saw a jump of 1.2% month on month, meaning the average price of a home in the UK stands at £231,422.
When looking at these new figures in greater detail it was found that all countries within the UK recorded a rise in value, with the largest growth seen in Wales at 4.2% year on year. The 2nd largest growth in property prices was recorded in Scotland at 3.2 and in England, homes increased in price by 3% over the same period. Northern Ireland saw substantial growth also, especially in the year to Q2 of 2018, with house prices rising by 4.4%.
In terms of individual regions, the North West of England recorded the highest price growth at 5.6% and not too far behind were the regions of the South West and the West Midlands, both showing increases of 4.4% year on year.
Another interesting statistic from this report, was the rise in activity from both first-time buyers and former owner-occupiers, with sales up by 2.6% and 3.4% respectively in the year to July 2018.
Whether or not this trend will continue is still up for debate as the country’s future is yet to be decided, nevertheless, the property market continues to show its resilience to external factors as homes throughout the UK are still in high demand.
Fife Properties Managing Director, Jim Parker commented, “Scotland has always been a steady market with consistent growth over the long term and is more hedged against the huge swings in prices that England experience. Time will tell how Brexit could impact on us, but the most important point is not to let this distract you from selling or buying as over the longer term it is all relative. The key as always is to get the right professional advice before doing anything and that is where we excel.”
Fife Properties can do an initial pre-marketing home assessment to ascertain and advise of any issues that might affect your properties saleability. You can book a FREE initial consultation today at the following link https://www.fifeproperties.co.uk/property-valuation/
