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UK Residential Property Prices Are Still Increasing

UK Residential Property Prices Are Still Increasing

UK residential property prices increased by between 0.3% and 0.6% in June depending on which house price index is viewed

Figures released by Nationwide and Halifax have some disparity; however, both report that residential property prices are increasing. 

Nationwide report that UK residential property is valued 1.9% higher than a year ago with the typical UK home worth £168,941 (GBP). 

Halifax report that UK residential property is 3.7% higher than in the same three months of 2012.

The data from Nationwide shows that the southern regions of England, especially London, continued to record stronger rates of property price growth and London also tops the table of property price growth in the second quarter index.

Overall the price of a typical residential property is up 1.4% compared with the same quarter in 2012.

10 of the 13 UK regions saw annual property price rises in the second quarter of 2013, however, Northern Ireland is still the worst performing region with property prices down 2.1% in the second quarter of the year.

London property prices increased by 5.2% compared with the second quarter of last year and the city has seen the greatest recovery in property prices of any region with prices now 5% above their 2007 peak at £318,214 (GBP).

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New landlords are using rental income to provide for their retirement

New landlords are using rental income to provide for their retirement

A high proportion of struggling residential property owners are copying the practices of successful portfolio landlords and choosing to offer their properties for rental purposes in the UK private rental sector (PRS) in order to provide adequate finances for their retirement.

Of the struggling property owners choosing to offer property to rent for the first time and existing portfolio landlords who responded to the BM Solutions/ BDRC Continental survey:

  • 84% view their rental property as a supplementary income to their pension
  • 60%of landlords actively plan to live off the rental income either before or at retirement.
  • 40% agree that their property is their pension and intend to make a decision dependent on the state of the property market once they reach retirement age.
  • Very few landlords plan to sell all properties in their portfolio when they reach retirement

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The latest UK report from Rightmove has found property asking prices in the South are now more than double the property asking prices in the North, creating a record divide.

Home owners in the South are putting their homes on the market for £336,743, compared with £164,347 in the North, sparking thoughts of a “two-tier twist” that could stall more widespread growth in the UK property market.

The monthly index revealed an overall 2.8% increase in asking prices, a jump of £6,533 from mid September to reach £239,672 in mid October.

The whopping £170,000 difference in property prices is the largest (in monetary terms) since Rightmove’s records began in 2002.

The property price rise was driven by the South, including London, the South East, the South West and East Anglia, which experienced a 4.7% overall upsurge in property values.

Meanwhile, the North (including Wales), the West Midlands, East Midlands, Yorkshire and Humberside, the North West and the North of England, saw property values go the other way and prices fell back by 0.7% in the space of a month to levels similar to May 2005.

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