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Property sales rising across UK, helped by London

Your Move index says prices and transactions improving across the UK boosted by London woes lifting.

Nigel Lewis

Estate agency chain Your Move says the number of property sales during November increased by 4% year-on-year and that the average price in the UK is £300,859, an increase of 0.9% year-on-year.

The company says London has seen some of the most dramatic increases in transactions.

Within the two most expensive boroughs of the capital property sales have increased by 28% on average recently (Westminster, Camden) and by 23% within Kensington and Chelsea.

“It seems momentum is returning to sales in prime central London,” the company says.

Its monthly report on the housing market, which is produced by Cambridge University Economics Fellow Dr Stephen Satchell, also reveals an improving overall picture for the market – the first time the dials have begun to twitch upwards since the EU Referendum vote.

The improvement in transaction levels and house prices is being driven by what it calls an “easing” of the problems within the London property market, which has helped drag the rest of the UK’s results downwards in recent months.

New Year property sales

Your Move,which is owned by corporate giant LSL, also says the company is positive about the New Year because the Chancellor’s recent Stamp Duty and Help to Buy announcements in his Autumn budget will help stimulate the market further.

The agency chain estimates that the number of homes sold during November was 77,500, a marginal increase on October – but an increase nevertheless during a traditionally quiet month.

Your Move also identifies several hotspots around the UK where year-on-year house prices are increasing including the South West (+4.3%), Bristol (+7.1%), Gloucestershire (+7.1%), Portsmouth (7.6%) and Buckinghamshire (+7.1%).

 

 

 

 

December 18, 2017

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