Are you ready to
buy a property London?
Well, Brexit officially took place on 31st January 2020 and the UK is now in a transition period. The Prime Minister Boris Johnson has stated that the transition will last until the end of 2020.
According to a report published by Halifax, the
UK house prices are now rising at a fastest annual rate for nearly two years. The fact is prompting claims that the property marketing is gradually heading towards the crucial spring season in reasonable shape.
By January 2020,
UK house prices rose more 0.4% and this added just over £1,000 on the average real estate
UK property price of £240,054.
The above mentioned percentage was enough to add annual rate of price growth to 4.1% and this is reportedly the highest figure since February 2018. On October 2019, this figure was below 1%.
Market commentators have mentioned the fact as “Boris Bounce” in the real estate UK market.
However, the new figures come days after the nation pointed on the revival in fortunes as the data showing annual price growth at a 14 month higher.
A percentage of market indicators were showing the signs of improvement, but on the other hand, other market indicators are claiming that the time is way too early to depict whether a corner has been turned or not.
According to Russell Galley, The Lender’s managing director, the current positive figures have actually represented the activity which would have been ordinarily expected taking place last year, but unfortunately delayed because of the economic uncertainty.
On the published report, Halifax explained their expectations of a moderate growth of
London property price this year. However, it was speculated that London property demand will exceed the supply of real estate UK.
The property building was subdued as both of these facts are likely to pressurize adding the price upwards.
For most people, the year 2019 was a challenging one but now typical
London property prices are currently worth £9,000 more than it was in January 2019. In January 2019, the average
London property prices were £230,784.
Some more renowned people also shared their thoughts on the same calling Brexit as an encouraging fact instead of explosive and because of this, the London property market is enjoying the first flush of spring.
