Property Prices Close to London Weakest


Property Market Prices Growing Most in Regions Away from the Capital

Welcome to the Junaid Iqbal Memon blog. Junaid is a prolific businessman with extensive experience in the real estate development market, Junaid was behind the funding of the Cloud 9 Group back in 2014. Coming from a family that has long since been involved in business, he decided to venture into real estate development upon recognising the potential of the property market in London and Dubai. Read Junaid Iqbal Memon latest blog about the property market here.

junaid iqbal memonWhile the property market prices in the UK are growing elsewhere, the capital city seems to maintain its downturn. Reports show that locations along the North West of the country seem to be performing best- which further supports the observation that market prices are seeing the highest growth in areas furthest from the British capital. As it turns out, the downturn that London has been experiencing seems to have seeped into regions nearby, the same report revealed.

Prices for properties that are tagged as new-to-market have experienced an increase of 0.4% in April. Compared to the numbers last month, the statistics is not really staggering. However, it is enough to get the national average pushed to record high £305,732. This beats the previous high set last July at £304,943. This is an increase of 1.6% compared to the numbers for the same period last year.

Meanwhile, the North West has logged the strongest in terms of the price increase for the annual rate. The region successfully achieved an average increase of 4.3%. This is equivalent to £193,787- which is also another industry record-high.

The prices were also up in the East Midlands. The region recorded an increase of 4.2% to the property market prices compared to its figures last year. In addition, an increase of 3.5% was recorded for the West Midlands. For the two regions that are bordering the Greater London Area- the South East and the East- prices rose by only about 1.2%.

It is a different story for the greater London area though. Prices for houses in the area have suffered a considerable downturn. The prices fell by 1.6% compared to the figures registered for the same period last year. According to reports, this is the only region that has been analysed where there has been an experienced annual drop of the values. 

Many homebuyers are the highest ever levels of average asking prices. The price pressure is even observed to be getting stronger the further one moves away from London. Other real estate consultants are echoing the same sentiments. The same falling prices were recorded in London as well as in the South East while other regions have been experiencing some value growth.

It is now a well-established fact that there is a slowdown in the capital and in the South East. However, the way that the other key regions and cities elsewhere are indications there is indeed life in the property market.  The highest increase in prices was experienced by the North West which is up 3.9% in February. East Midlands follows close which is up 3.6% and then 3.5% for the South West.

Meanwhile the poorest performances price-wise has been contributed by the South East with no annual changes for the prices, as well as Greater London where there has been a 1.5% decrease.

Keep yourself up to date with the latest news and trends in property development by reading about Junaid Iqbal Memon on his official website. You can also follow the Junaid Iqbal Memon Facebook page.

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