Housing prices in the UK are on the rise, though surprisingly, London has seen a slump and is actually on the decline. This now makes for a sixth drop in a row for London and its property market. This rise has been attributed to market uncertainty following the UK’s vote to leave the EU back in June. House prices have been on the rise since then, with London being the exception.
A survey conducted by the Royal Institute of Chartered Surveyors has found that the prices of homes did indeed rise in August through July and that they will continue to rise until at least the beginning of 2017. The RICS are reported to have said that “During August, 12% more respondents nationally reported an increase in prices, up from +5% in July.”
30% of surveyors are reported to have recorded drops in the market with 12% reporting an apparent increase in house values nationally – since the Brexit vote. The fall in London has been attributed to the relocation of investors; chiefly to up and coming areas such as Manchester.
These such areas are growing in appeal and are attracting more and more investors the closer we get to 2017. Though the vote to leave the EU was seemingly just a catalyst for a large scale exodus given that London – with its increasing of stamp duty rates amongst other things – was becoming less and less attractive to investors.
London’s traditional “crowd” are now flocking to Manchester in-particular. With it’s high property yields and excellent growth incentives it is no wonder than the shine is coming off of the capitol.
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