Despite uncertainties created by the EU referendum and stamp duty changes, property prices still continue to rise in certain parts of the UK.
The east of England has experienced particularly significant growth in the last few months, with prices sky-rocketing in certain locations. Here’s some more information.
Investing in Property in the UK – East England Facts
Across the country, prices have risen by an average of 8.4% in the 12 months to August (ONS statistics). This was a 0.4% growth on the year to July, and is the 19th consecutive month that prices have increased.
In the east of England, this is even more pronounced. House prices have risen by 13.3%, which is even more significant than the south-east and London, which experienced property price rises of 12.2% and 12.1% respectively.
Areas that have experienced particularly notable growth are Newham, in London, which recently recorded house price rises of 23.7%. South Buckinghamshire wasn’t far behind, with 23.6%.
A significant reason why these areas are booming is the growing unaffordability of Central London, where even a modest property usually costs £500,000 or over. Property investors are looking instead to the surrounding areas, where it’s still possible to commute into the capital.
Average Property Prices Rising
If you’re looking for a buy-to-let property for sale, it’s a good idea to remember that average property prices are rising steadily. England has experienced the most notable growth (9.2% on average) – a distinct contrast to Wales, where prices have only increased by 2.7%.
An average property in the UK now costs £219,000, an increase of £17,000 in the space of a year. However, it’s important to note that all these figures include the vast number of sales that were completed prior to the EU referendum this year, which may skew results slightly.
Is Now a Good Time to Buy?
The market is certainly proving more resilient than many thought; and despite minor price dips in certain locations (notably Kensington and Chelsea) most properties have held their value well, or experienced growth.
Those looking to invest in property in the UK are now feeling more confident about the market, and as a result, numbers of sales are increasing. It’s a good time to start searching for buy-to-let property for sale.
When looking, keep the following in mind:
The Buy2Let Shop Limited
If you’d like to find out more about where to search for buy-to-let property for sale, or you want advice about investing in property in the UK, talk to The Buy2Let Shop team. We’re professional property investment agents in London, and we’ll help you find a house or apartment that meets your requirements, whilst matching your budget.
To find out more, simply visit The Buy2Let Shop website today.