Quarterly property review suggests confidence is still building un UK residential market
July 30, 2018 / TwentyCi
Confidence is building in the UK’s residential property market with house prices stable, no significant discounting an average asking price in London up 3.1%, says a new analysis. Smaller homes are the most popular and new instructions are up nearly 7% year on year while the use of online estate agent is rising, according to the fifth quarterly home mover report from TwentyCi. It also points out that in the second quarter of 2018 interest rates remained on hold, and a strong labor market and wage growth finally picking all contributed to an increasing number of homeowners entering the market. A review of 2017 listed prices compared to the price actually achieved shows an average discount of up to 4% for properties sold for less than £1 million, suggesting there is no significant property devaluation occurring. The realized value of properties over £1 million, however, shows an average discount of 8%.