Significant sections of the United Kingdom can expect to see an increase in house prices after a strong performance in the year to January 2019. The average price increase for the entire country was 1.7%, with Wales leading the way with a rise of 4.6% closely followed by the Midlands at 4.4%.
Indeed, even the capital city which has suffered a slightly tumultuous period following the Referendum, has seen a 6.3% increase in demand from buyers up until the end of February 2019. The number of offers was also up by 7.5% in the year to February 2019; with strong demand for property outstripping the actual supply of properties available.
Elsewhere, mortgage approvals have continued to enjoy a rise with 66,800 accepted in January, up over 1000 from the previous six months’ average of 65,500.
This increased activity is all the more impressive considering that the BoE’s report suggested that property market activity had been muted, with the Royal Institution of Chartered Surveyors’ residential market survey also alluding to subdued enquiries, new instructions and sales.
“While buyers can currently expect to purchase at a reduced price in London, the opposite can be said for the rest of the UK with continued growth across the majority of regions, suggesting there are plenty of investment opportunities elsewhere. The Midlands, in particular, stands out as a region for investment, with house prices growing by around 4%. Amongst the headlines of falling house prices, it’s therefore important not to overlook the fact that significant pockets of the UK continued to be poised for growth.”