Manchester Leads UK Property Boom
Increasing property prices are not just a phenomenon belonging to London and the South-East of England, as new data from Nationwide shows that all UK regions are now enjoying increasing property prices as the property boom continues to gather pace.
Every region across the UK saw property prices increase year-on-year, ranging from a 14.9% annual increase in London to a 1.9% uplift in the North.
Nationwide reported that property values increased by an average of 8.4% across the whole of the UK in 2013, as the market revival became increasingly broad-based, but Manchester emerged as the property boom city, with property prices up by 21% over the last year, to reach an average value of £209,627 (GBP).Property prices in London are now 14% above their annual peak, with the average price of a typical residential property in the capital having reached £345,186 (GBP).
The annual increase in UK property prices is the biggest jump seen since June 2010, property prices rose by 1.4 per cent month-on-month in December 2013 to reach an average value of £175,826 (GBP), although property values still remain around 5% below the all-time high recorded in late 2007, the building society said.
Carlisle was named as the worst performing region, with just a 1% annual increase in property prices taking the average property value in the region to £136,128 (GBP).
The upward momentum of property prices looks set to continue as demand for residential property continues to increase across the country, whilst the supply of available property coming to the market remains fairly low.
A 25% increase in buyer demand, record low mortgage rates and stronger economic forecasts have helped to bolster the UK property boom.
This is good news for the Government and the UK economy as well as existing UK property owners and property investors looking for capital appreciation as property price increases can help promote a national feel-good factor that will ensure the UK’s economic recovery and the property boom continues, for a while, at least.
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