27 Apr HOUSE PRICES
The house prices in east and south-east of the U.K are growing faster than they are in London for the first time in years Home House Buyers have noticed a slump in the central London property market which is worrying for the rest of the U.Ks housing market.
With house prices rising in the East of England at an average of 11% in the past year to a record £332,000, this region of the U.K has surpassed London and become the fastest growing region.
The south-east lies in second place with an average growth of 9.5% to a record £408,000. London has slowed but the cities asking price for a property is still higher than anywhere else in the U.K at an average of £646,000.
Any kind of regeneration project will create a mini-boom in the property market, this has happened to Rochester in Kent which has seen a 20% rise in property prices since the new launch of the £26 million railway terminal this year. The station is a key part to the regeneration of the town as it has direct links to major London terminals such as Victoria, Kings cross and Charing Cross.
The key to house prices rising are links for commuters to get into London easily, Gillingham and Gravesend are waterside towns which have ended up on a high-speed line to the city, offering 30 and 45-minute journeys to St Pancras. Prices have risen in both areas by 16% on average.
House prices in Slough have been affected in a good way due to the Crossrail effect, they have seen a rise of 17% in the last year. Slough is one of the last stops of the western section of the high-speed rail network to link east and west London is due for completion by 2018, prices have shot up to £357,000.
The south-east and east of England the average price of properties are much less in these regions compared to the London boroughs, if you are looking for a good deal then you better hurry up as the good deals are being eaten up by rising house prices. A lot of the time the reason for faster-rising house prices is due to the fact of demand far outstrips supply and that’s exactly what is happening in these areas, a year ago there were far more properties available on the market.
East of England region
These areas with the biggest house price growth are the areas within an hours commute of London, these prices are rising significantly above the regions average.
Watford has seen the biggest rise in the region with almost a 20% hike to £435,000. Watford is located at the end of the Metropolitan line which is by far the busiest tube line with its huge reach into central London. Just north of Watford is Luton which is the second fastest growth in house prices in the East with a rise of just over 18% . Growth has also been seen in Waltham Cross and Harlow which both offer commutes into Liverpool street station, prices in Waltham Cross are exceeding £393,000 and if the planned Crossrail 2 goes ahead as planned the house prices will become even steeper as the town will be directly linked to Victoria, Euston and Tottenham court road.
Londons property market is slowing which is noticeable in most boroughs. The house prices aren’t increasing at the rate they had done in previous years. The most affordable boroughs are the ones rising the fastest with six of the 10 fastest growing boroughs being the lowest average house prices. This is a sign of a property slump in the capital with house prices set to fall in line with their true value, we haven’t seen prices fall in the capital for 7 years which is a good sign for potential buyers.