The total stock of property for sale falls in the UK is at an all time low putting severe pressure on prices that seem determined to spiral upwards. The average annual home price appreciation for England and Wales rises further to 7.3%, driven by lack of supply.
For those trying to get on the ladder it could be worthwhile to consider buying property overseas and use this as a base to move onto the UK property ladder.
The Lack of supply and fierce demand is most keenly felt in Greater London, East of England and the South East. Consequently, prices in these regions continue to rise at an alarming rate, well ahead of the national average. Over the last 12 months, asking prices in London, the East and South East of England have risen by 12.5%, 9.8% and 9.4% respectively. Meanwhile, the number of properties coming on to the market in the same regions is down by 15%, 13% and 10% respectively.
As if in a world apart, home prices in the northern regions and Wales continue to stagnate. Annualised price changes for the North East, North West and Yorkshire of just 0.0%, 1.2% and 1.9% respectively indicate that demand levels remain depressed relative to the South. Welsh property has fared a little better with home prices rising by 2.7% over the last year, but still a long way behind the mix-adjusted average price rise for England and Wales of 7.3%. Overall, the current mix-adjusted average asking price for England and Wales is now 25.8% higher than it was in November 2010. Further upward pressure on this headline figure will come from London, the East and South East of England over the next year.
Detailed stats at http://www.home.co.uk/asking_price_index/HAPIndex_NOV15.pdf
Article kindly shared by Homes Go Fast