Prime Property Markets Forecast Growth in UK
A report on the prime property market forecasts for prime house price values of £1 million and above has shown that London will have the greatest growth during the next five years.
London (I-Newswire) June 13, 2012 - The report that was researched and published by Savills shows that prime Central London prime markets grew by nearly 17 per cent in 2011 and is set to grow by 22.7 per cent by 2016. Just in the last quarter of 2012 alone, house value growth increased by 2.8 per cent including new build homes. Specific areas in London also showed boosted property values during the past five years. Maida Vale, Camden, Fulham and Notting Hill all showed an increase of up to 25 per cent in £1 million and above property for sale. London areas Chiswick and Battersea also saw a rise of 28 per cent in house values in the past five years.
Premium London property prices have highlighted the wide differences in average house prices and values across the UK. The average house price in England Wales during the first quarter in 2012 is £160,889, which is down by 6.8 per cent compared to five years ago. However the average property price in London’s Kensington and Chelsea compared to the same period is £973,856 which is 41 per cent higher than five years ago.
Additional markets in the South East of the UK are showing positive growth and improvement in mainstream markets including new homes in Kent such as Sevenoaks and other areas such as Oxford and St. Albans, particularly in commuter areas.
Elsewhere in the UK regional forecasts on mainstream house values vary widely. The average UK value forecast for mainstream property markets is a 6 per cent increase. South East is the second largest increase outside of London by nearly 16 per cent and the East of England is forecast as the third largest growth in value. Wales shows an average increase of 5 per cent to 2016. The lowest forecast is -3.1 per cent growth in the North East of England and -2.6% growth in Yorkshire and Humber.
At a national level additional data has suggested that the price of an average house in the UK has not improved and that property markets across the UK remain stagnant
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Published On:June 13, 2012
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