2 Mar

Property prices on the rise

Property prices on the rise

The price of residential property in England and Wales has risen by 7.1 per cent over the past year, according to the latest figures.

According to data from the Land Registry, prices increased by 2.5 per cent in January compared to the previous month - meaning the average property is now £191,813 - although the average cost of a home in London now stands at £530,409.

However, there is ongoing concern within the industry that the uncertainty over the UK’s membership of the European Union may have an impact on the level of property sales.

In the run-up to a similar referendum on Scotland in 2014, there was a slowdown in transactions, but it remains unclear what impact this year’s public vote on European Union membership vote.

Real estate firm Knight Frank explained there could be a number of factors as a result of the June vote - some which could lead to an increase in sales in key areas.

"One issue we have seen develop in recent weeks is the weakening of the pound. This trend has potential implications for the central London market, where foreign home buyers are more active,” explained a statement from the agency.

It added: "The mainstream UK housing market is primarily driven by domestic dynamics. An exit from the EU would not affect the demand/supply imbalance which is a key feature underpinning current housing market trends."ADNFCR-1222-ID-801813843-ADNFCR

Cookies We use cookies to ensure that we give you the best experience on our website. To find out more about our cookies policy, see our cookies policy here or in the footer.