It may come as a surprise that the South East had the slowest growth, but it is nice to see other regions of the UK thriving where increasing value is concerned.
London, UK (PRWEB UK) 21 January 2017
The latest data from ONS and Land Registry shows that property prices across the UK have increased by 6.7%, taking the average house price up to £217,928.
The House Price Index highlights that the West Midlands enjoyed the highest month on month increase from 1.1% to 2.2%, while the East of England saw the largest annual growth at 10.5% with the average house price costing £278,349.
Surprisingly, the consistently strong market in the South East experienced the slowest growth rate in the property market at 0.3% month on month.
The data also showed that the number of transactions across both England and Wales had dropped when compared to the same period last year.
Russell Quirk is the founder of eMoov and widely recognised by the media as being among the best estate agents for his expertise within the property market. He comments, "The market impressively remained healthy despite some turbulence in 2016, but things are looking uncertain going into the new year, especially in London. The whole of the capital is forecast to experience a decrease in property value over the next year, but the most drastic fall will be in prime central London as the top end of the market sees buyer demand drop off." Quirk continues, "It may come as a surprise that the South East had the slowest growth, but it is nice to see other regions of the UK thriving where increasing value is concerned."
Although many have highlighted the lack of transactions as proof the market has been dealt a blow during the last year, property sales in the later part of Autumn are always traditionally lower and the market slows because of a greater focus on the festive season and other commitments taking a back seat.
Those who are apprehensive about selling their properties due to a slowing market should reconsider, because if the market begins to drop in 2017, they could lose thousands of pounds from a sale. Stomaching a slight drop in values now is a lot easier than losing out to a larger extent further down the line.
Russell Quirk is a third generation estate agent and after running the family business of 5 independent estate agents he sold them to start eMoov in 2010. Having sold over 5,000 properties since its launch, eMoov is the UK's most successful and recognised Hybrid Estate Agent offering to sell properties for fees of just £679. Backed by VC firm Episode 1, eMoov won the allagents.co.uk "Best Customer Experience Award" in 2014, 2015, and 2016; a testament to their approach of being the digital disruptor offering fantastic value and outstanding customer service. For more property insight or to buy or sell a house online, visit http://www.emoov.co.uk or call 0333 121 4950.