Contain prices in the East of England have jumped
Values across the UK increased by 4.6 per cent in the year to May, charming the average price to £220,713, according to the latest figures from the Corporation for National Statistics (ONS).
On a regional basis, prices are rising fastest in the East of England, with annual progress of 7.5 per cent, and the North East speeding ahead month on month with 1.8 per cent wart.
In a reversal of fortunes of recent years, the South East and London both saw the grandest monthly price falls of 0.3 per cent — although annual nurturing remains at three per cent and 4.8 per cent respectively.
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Nick Leeming chairman at trading estate agent Jackson-Stops & Staff said: «Home owners in the East of England make no doubt be delighted that their region continues to accelerate in advance of the rest of the UK, exhibiting the highest annual growth rate of any region yet again.
«All regional buys remain positive in terms of annual growth which just die outs to show the resilience of the UK property market despite the various uncertainties moulded by Brexit and politics at home.”
Yearly prices rises in London are now the lowest in England, except for the North East with rise is at 1.6 per cent.
Experts say the capital has been hardest hit by changes to feather duty and buy-to-let tax changes.
Paul Smith chief chief executive of estate agents haart said: «Today’s data also dishes the first full picture of how the regional outlook has changed following the introduction of a Sign Duty surcharge.
«This time last year London was supreme the way with almost 14 per cent annual growth.
«Today we see it trace behind the rest of the country, bar the North East, with just three per cent spread.
«Although this may come as welcome news to those looking to buy in the crown, it does show the extreme effect the Government’s move has had on London’s thrift, and on the rental market.
«Our latest monitor shows the Landlord registrations are down 52 per cent on the year in the first-rate.
«And there is no doubt that this is due to the Stamp Duty change.”