New figures have indicated to property expert Simon Morris that house prices in England and Wales rose throughout September 2015.
It has become clear to experts such as Simon Morris that the UK housing market has been consistently racking up impressive growth volumes throughout 2015. The Office for National Statistics’ July 2015 House Price Index suggested that UK house prices advanced 5.2% in the 12 months to July 2015.
When you remove London and the South East from the equation, UK house prices expanded 4.4% in the year to the seventh month of 2015. Meanwhile, annual house price inflation varied throughout the constituent countries of the UK; some of the nation’s housing markets are growing at faster paces than others.
England and Wales
New data from the latest LSL House Price Index indicates that the English and Welsh residential property sectors are recording impressive expansion rates. Property Wire reported that the Index suggested that English and Welsh residential property values grew 0.4% in September, the ninth consecutive month of expansion.
This means that the average price for a house in England and Wales now sits at £284,742, marking a year-on-year increase of 4.2%. Furthermore the Index showed that it was the London housing market that drove expansion, registering its biggest house price increase since June 2014, following a sustained period of growth rate decline.
Commenting on the rise of the London market, Richard Sexton, director of e.surv chartered surveyors said: “As in the rest of the country, it’s the more affordably priced London boroughs which are behind this renaissance, as the strengthening of sterling, rising stamp duty rates and moves against non-doms take their toll on the high end market.”
Yet he went on to note that the UK capital wasn’t the only driver of growth. “While London is once again leading the pack in terms of monthly price growth, the South East region has soared two places in the rankings to top the charts with the highest annual increase in property values. Average house prices in the South East have grown 5.8% over the past twelve months.”
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Sexton argued, “combined, these two regions are now having a much greater influence on national measures of price growth.” This may indicate that buyers who utilised Simon Morris’ expertise to buy a London home for under £500,000 could start seeing return on investment. However after a period of relative decline, investors may not want to get their hopes up just yet, and should conduct extensive research before they invest in the UK capital’s residential property sector.