London sees house prices rebound

Official figures released towards the end of last year not only revealed that UK house prices were on the rise but also that those in the capital saw their steepest rise in 15 months.

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On the up

London homes saw a pretty impressive rise of 2.3 per cent, equating to an average house price of £484,000. Conversely, the UK’s lowest rate of growth – a mere 1.2 per cent – was recorded in the South East.

On the turn

With the capital’s house prices on the rise, those involved in the buying and selling of homes are also enjoying a busy period, from estate agents to conveyancing solicitors London. Interestingly, research suggests that this is linked to the December 2019 election and life after Brexit, with the hope that 2020 will see more positive growth in this area. London’s figures are the strongest since September 2017, according to property pundits, and something that many in the industry are celebrating.

house prices

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UK-wide

According to the Office for National Statistics (ONS), the average cost of a UK home in December 2019 was £252,000. During this month, house prices throughout the UK rose by 2.2 per cent, with Yorkshire and Humber enjoying the biggest hike of 3.9 per cent. This was the first month since February 2018 that all regions in the UK announced house price growth.

From strength to strength

House price figures can often be daunting and confusing to potential buyers, which is why it is worth using a reputable firm such as https://www.samconveyancing.co.uk/conveyancing-solicitors/conveyancing-solicitors-London to take charge of the legalities. The good news is that market confidence definitely looks to be on the up, which is a far cry from the end of 2018 when the property landscape looked decidedly bleak.

Springing into action

Typically, March to June are the most buoyant months for buying and selling property in the UK; interestingly, this seasonal upsurge has begun earlier than expected in 2020. Forecasts show that this year will see a rise in the housing sector from two per cent to a robust 2.8 per cent, with the possibility of new house price records being broken. This takes into account the Brexit uncertainty and its associated challenges.

Boom

With buyer activity outstripping new sellers, the housing market looks set for a very good year indeed.