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Author: Internal Customer Services Agent
Britons housing prices hotspots
There are some particular and specific areas within the UK which have performed well in terms of housing prices in the last year accordingly to the Land Registry. Examples of this fact are Reading where in the last 12 months (to Feb 16) there has been a sizable increase of 16.1% meaning the average house price is now at £270,146.00. The Land Registry also reports that the typical house price in the UK is now at £191,812.00 which means in a general sense the cost of housing in the UK is increasing. London’s commuter belt proved especially well the Land Registry has found, with consumers eager to get onto the property market in this area for its obvious commuter links into the City. Whereas the average figure for property value increase is at a respectable 7.1 percent in the last 12 months, London’s commuter belt has produced the most exciting figures of all.
That said, many consumers are moving away from the City and as a result of this are in turn pushing the house prices in other areas of the country up. As consumers seek to relocate to other towns and cities there has been a noticeable and undeniable increase in the cost of housing linked to these destinations in the last 12 months the Land Registry has found. The location preforming the best as a result of the latest findings was again Reading in Berkshire. As mentioned above this percentage increase for the last 12 months is at a staggering 16.1% and Reading is not alone in its performance. Not far behind this was Luton in Bedfordshire who saw a 15.7% growth in the last 12 months followed by Slough and Essex as a county who both had housing increases of 15.1%. Clearly consumers are awakening to the idea that being willing to move out of the City, there is better opportunity to get better ‘value’ for money spent on housing. This means larger properties, greater land and of course, a somewhat ‘quieter’ existence compared to the busy and lively nature of London. This collective thinking has meant that the last 12 months have seen many areas across the country enjoying increased housing prices.
Of course where there are benefits to those looking to sell property in these regions there is also a knock on effect in respect to those looking to buy in the same areas. It is a well-known fact that first time buyers in the UK are finding it more difficult than ever to obtain a place on the property ladder and increasing house values is a factor in this concern. As a result of this many first time buyers are finding themselves in a position where they are unable to either leave the family home or their currently rented accommodation. The knock on effect of this is that such buyers are having to expand their search further afield when the time comes to buy. This means looking at properties which are not located in necessarily the ideal location in terms of region but by doing so opens up greater buying opportunities.
The increase in new housing across the UK is also drawing consumers of all ages to different regions, allowing buyers to tailor their new home to their own requirements perhaps with the compromise of space. Many new builds in UK are now formed with reduced surrounding space and therefore smaller gardens. By being willing to lose or reduce garden space attached to a property the price being paid by UK residents across the country is more affordable and realistic. This is especially the case in many towns, Bury St Edmunds being an example of this. This town is expanding and as such is seeing a number of areas on the outskirts being populated by housing, with little garden space but as such more affordable housing compared to more established areas of the town as a whole. Bury St Edmunds is not alone in this way of thinking, in fact many towns across the UK are behaving in the same manner with new housing estates starting to populate the surrounding boarders and allowing consumers the ability to buy in their preferred region without having to pay the central location prices. This no doubt, will be a trend which continues in coming years to assist those consumers who wish to join the property ladder in their preferred region but are unable to compete with the increasing prices of more established property.