Earlier this week Land Registry published figures to show how house prices in the UK have been affected since the referendum to leave the UK produced its result. It was expected that the political environment would hit the market hard, especially in prime areas. Surprisingly the data shows otherwise.
According to the figures, between June 2016 and June 2017 growth has continued. Across the whole of the UK house prices have grown by 4.9%. London has experienced a more tumultuous time but still posted 2.9% growth.
The data shows a number of prime areas have seen prices continue to grow, despite the political situation. For example Kensington and Chelsea properties gained 12.8% in the year, Hackney saw a 10% rise, and Camden posted an 8.1% increase.
The somewhat surprising results show that properties in prime areas are still in high demand, even with political uncertainty. This reveals that people have confidence in the UK and the value that homes can offer, particularly in prime areas.
It was anticipated by many that the political situation would result in a drop in housing supply as more people held on to their assets. This has not materialised though and supplies have not dropped substantially. The situation may be helped by the new stamp duty rules and additional charges on purchasing multiple properties.
At Finefair we have seen prices in London undergo periods of rapid rises and steep falls. Throughout, some areas have remained popular. When looking for an area for property investment Kensington and Chelsea always stands out due to the prestige of the addresses and the multitude of attractions on offer in the area.
If you are considering investing in a property with good prospects for the long term we can help you to find it. Our team are professional yet still managed to provide the right level of personal support. Get in touch with us today to discuss your needs.