London-centric journalism not telling the whole property story
According to a recent report, the UK housing market slump is continuing thanks to the uncertainty surrounding Brexit and the increases in stamp duty.
When you actually read the article though, it is based on a Royal Institution of Chartered Surveyors (RICS) August snapshot that shows a negative reading for London - the worst since 2008 - and the South East of England.
However, looking closer we see that in actual fact that the North of England, and Yorkshire property prices in particular, are showing a positive balance. Take a look at the regional breakdown below.
We’ve seen that house prices have slowed as a whole since the referendum in June 2016 but there was still a 5.1% growth in July. And, looking at these regional prices, we can see that why the south has taken a bit of a hit, the vast majority of other areas see positive growth.
In fact, Yorkshire and the Humber (Y&H) is posting numbers in excess of 20% based on the last three months. Speaking of these reports, our Managing Director, Ian Preston said:
The property market has seen a reduction in the total number of sellers since Brexit due to uncertainty but while there have been reduced numbers, prices have clearly held up.
An even bigger factor in all of this is affordability, and since 2007 we have seen a 13.7% change in this since 2007, which we will look at next week.
Interested to see what our Managing Director thinks of London-centric property news? Take a look at Ian Preston’s LinkedIn post on this.
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