A quick visual representation of the current UK property prices
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Recent news from the UK’s domestic housing market this month indicates another drop in property prices. In recent months property prices for commercial and domestic buildings have seen quite a seesaw in price peaks and troughs.
Some areas of the country are experiencing steeper property price swings than others with London, as one would expect being the main city to see the biggest rise and falls.
Whilst the market is still uncertain in this country it is highly advised to seek out all methods of selling a building or home should it be proving difficult to do so in the current climate.
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Reports from Knight Frank have shown that the outlook for house prices remains positive for fourth consecutive month, with seven regions expecting price increases over next 12 months.
Knight Frank’s House Price Sentiment Index has indicated that average prices fell again in May. 17% of households reported a decline in home values, while 9.5% signalled that the value of their property rose. At 46.3, the resulting HPSI figure is up from April’s reading of 45.4 and just under March’s 20-month high of 46.6.
Any figure under 50 indicates that prices are falling, and the lower the figure, the steeper the decline. Anything over 50 suggests that the prices are rising.
Households in all but one region signalled that the value of their property had fallen in May – as has been the case for the past three months. The survey of 1,500 households across the UK showed that sentiment was weakest in the North West (41.0) and West Midlands (42.5), indicating accelerated price falls.
London bucked the trend again, but at a much slower pace than in April – down from 53.6 to 50.9.
Figures from the Office for National Statistics (ONS) have shown that house prices in the UK fell by 0.6% in March, though first time buyers did find themselves paying 2.8% more than in March 2011.
The ONS, which has taken over the DCLG’s house price index, said the average price of a UK property is now 0.4% lower than in March 2011 – at £225,283.
House prices in England and Scotland decreased by 0.3% over the year, while in Northern Ireland they decreased by 10.7%. In Wales, prices were up by 0.4% year-on-year.
The 0.2% drop in London – a market which had been outperforming the rest of the country and has not shown an annual fall since October 2009 – meant the prices in England were pushed down over the year – as well as a 1.4% drop in the rest of the south-east.
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Initially when cash homebuyer companies offered a fast cash fix for client’s properties many people were a little cynical
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Two thirds of the UK (68%, of the country), are now owner occupiers, compared to one third, 32% back in 1952.
Indeed, at the start of the Queen’s reign half of the country was renting privately compared to 14% today.
As HSBC reported whilst conducting their national property survey, based upon the changing prices of properties and home ownership statistics both within key regional pockets of the country and comparatively on a national level there is a significant climb in those that now own their own properties than the number of people owning their own properties back in 1952.
Regional house prices cannot be officially traced back to 1952, so instead the research was conducted under a thorough examination of house price growth since the Queen’s Silver Jubilee in 1977.