The United Kingdom (UK) real estate market is once again seeing signs of growth in prices. There are also indications of a swift recovery in the London real estate market. Home prices have gone up for September 2018 with indications of higher sales volumes for some of the costliest properties in London. Prices have already increased by 0.7% this month which is similar to the average for the month of September seen since the year 2011 as per studies. There was an increase of 6% in home sales in London for those units priced at a minimum of £750,000 or higher.
The national average for asking prices for property now stand at £304,061 as compared to £301,973 in the month before this. Prices have gone up by approximately 0.1% in August 2018. This is a welcome development for the real estate and housing markets in the UK which have been impacted by several factors like slowing economic growth, Brexit and Governmental tax measures.
However, the final impact of Brexit is still unknown as far as the UK housing market is concerned. The mortgage rates could rise in case a deal is not finalized while home prices could come down by a whopping 35%. In such a scenario, it would be a clear buyer’s market and global investors and local buyers will rush to snap up properties at lower valuations. However, consumer spending has increased by 0.4% in August 2018 and this augurs well for the economy in the near future.
