A combination of low supply, increasing confidence and easier credit conditions are all helping the UK and London property markets see strong growth, according to two top agents
A shortage of supply, rising economic confidence and looser credit conditions are continuing to push up UK property values – along with the ‘doughnut effect’ around London, says a leading agent.
With house prices rising 0.4% in March, taking the annual average increase to 9.4% according to figures from the Nationwide building society, there is no doubt that prices are on an upward trajectory, according to the latest UK Market Update from Knight Frank.
And average property prices in London have risen 29.5% a year, new figures from haart estate agents show.
There is also increasing confidence among households that prices are set to rise further over the next 12 months, according to the latest Knight Frank/Markit House Price Sentiment Index, which shows a positive outlook for current and future property values.
Head of UK Residential Research, Gráinne Gilmore, says, “The appetite for housing has risen across the country, with agents reporting sharp increases in buyer interest. Applicants for Knight Frank’s UK properties have risen by 21% over the last year.”
However, there are marked regional differences …read more