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Properties Articles

UK House Prices

Published by: Nik Malygin








With UK house prices hitting a record high, it is fair to say that we are experiencing a national housing boom.

The latest data from Rightmove states that 'Prices are now 5.5% higher than a year ago, the biggest rate of increase for over four years (which now forecasts) annual growth rate to peak at circa 7% by December"

New records were hit in the month of September as it is clear to see that was significant momentum within the housing market. The average time for an agent to sell a property has dropped to 50 days - a confident figure to achieve more instructions in the unstable time we are living in. As the prices of properties have increased by 1.1% to an 'all-time national record of £323,530' we can speak with certainty that vendors should take opportunity from a growth rate of this nature.

Of course, it can be clear to see as to why prices are booming currently. The time to purchase before the 31st March Stamp Duty deadline is shortening every day and with a plethora of options currently available on the market, buyers are optimistic about discounts from initial asking prices.

However, even with all the mainstream market surges one must not ignore the Prime Central London price drops. With political uncertainty and the economic fragility we are experiencing due to COVID, Prime Central London property is due for an imminent recovery when the global economy once again regains its stability.