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NEWS >> UK house price growth at slowest rate in four years
UK house price growth at slowest rate in four years

House prices in the UK are rising at a slower rate from the last 4 yrs. The buyers, for owning a property, have to pay extra if we compare each year with its previous. According to the latest survey, the housing price is increased by 3.2% in this year from last year’s 2.3% (average pricing). The buyers have become more sensitive to increased price uncertainty; they have to pay the amount to the property landlords or estate agents; no matter “how much is it”.

Last year in June, the highest rate of 3.5% (of average house pricing) was recorded, if we compare with its previous month in the year 2016, and the reason for that was “Brexit”. The exit of Britain has increased housing prices of the nearby towns & cities in the UK. The new figures in the housing market are showing an evidence of price growth. Housing prices in Wales & England have seen a small rise in this February. However, an analysis made by an online property website which says the rate later dropped by 0.3-0.7% in the subsequent months, resulting in a small relief for the buyers.

The average house price recorded is £305,312 but it is believed that there is a slight rise in the average price up to £310,000 in Central London and Greater Manchester. Also, the average price is also climbed to 4.6% for the first-time buyers in this year.

Another report says the estate agents are increasing the price without checking the town housing price. This could raise the price of the properties and increase the overpricing risk. In practice, an ‘overpricing’ in a price-sensitive market, will result in no property sale. Ultimately, a huge loss in the property market would be seen. A housing market analyst says the rising price of goods in shops cannot coincide with the property prices. And, this is what estate agents are doing nowadays to earn the profit.

There are a number of factors that make a buyer cautious before heading to buy a property. The expenses are huge in the UK, and the inflation is also frequent. The inflation rate last recorded was 1.8% and is expected to reach 3% in the next year, throwing more pressure on property and development finances. In territories, many buyers are unable to pay what sellers are asking, resulting in an increase in the cost of living & lending criteria. Some say this is the because of Brexit uncertainty.

Estate agents reported that buyer interest becomes null if properties were priced more than 5%. More than 1 million newly listed homes were sold, and the report says they were 40% priced high from its existing price. The estate agents are not correctly pricing a property, Countrywide said. The 3% stamp duty surcharge which was introduced in April 2016 made many buy-to-let investors dejected type feeling as their deals went in a loss.

At this time, more sellers are introducing themselves in the market with the higher price brackets through estate agents. One should take action against this so that a property can sell/buy at the right price.

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