The office for national statistics stated that in the year to November the West Midlands property prices had risen by an astonishing 7.2%. Data also published by HM Land Registry show that the average prices in the UK had also risen by 5.1% last year which puts average house prices in Britain at £227,000, thats £12,000 higher than this time last year.
Are we seeing the ripple effect? For example, have a go at getting these two questions right; 1. What area had the largest annual growth in the year to December ? 2. What area had the lowest annual growth over the same period ??
1) Surprisingly the area showing the larges growth was the Orkney Islands where prices grew by 18.2%
2) The lowest growth was found in Kensington and Chelsea where prices fell by 10.7%
These figures show a somewhat surprising market at this time and perhaps London is feeling a ‘stagnant’ price growth like the rest of Britain have felt over previous years. Its is interesting to see that some investors are now looking outside of London for better yields and higher potential for capital growth.
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