eMoov Online Estate Agents Find That London Price Growth No Longer Leading the UK Market

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Research by leading online estate agent, eMoov.co.uk, looking at the latest data released by the Land Registry, shows that London is no longer leading the UK property market where price growth is concerned.

online estate agents

online estate agents

London has taken a bit of a battering with changes to Buy to Let and second home stamp duty taxes over the last year and so this slowing price growth is almost certainly a result of [Brexit].

Despite reporting on a two or three-month lag, the Land Registry house price index is the most concrete house price index for UK property prices as the figures are based on completions of sales. Other indices across the market base their figures on mortgage approval data which can be misleading as not all approved mortgages mean an actual sale.

The latest index by the Land Registry shows that price growth across the UK during August has continued its upward trend (1.4%), although there has been a cool in the rate of growth which is generally seen as a seasonal impact during the summer months.

Despite the capital's tendency to lead price growth in the UK, the London market has taken a back seat with four other regions seeing a greater monthly increase.

The South West uncharacteristically takes the top spot with a monthly increase of 2.3%, with the South East a more familiar second (1.9%). But yet another surprise is that both the East and West Midlands have enjoyed a greater rate of growth than London, both seeing an increase of 1.6%.

Growth in the East of England sits right on the average for England as a whole at 1.4% with London seeing the same monthly rate of growth as Scotland at 1.3%.

The North of England compiles the bottom end of the table with homeowners in the North East (-0.2%) and Wales (-0.6%) the only ones to have seen a monthly decrease in property prices. Wales has also seen the lowest rate of growth over the last year of any region.

Founder and CEO of eMoov.co.uk, Russell Quirk, comments, "Interesting to see a reshuffle in the order of property powers over the last month where the UK market is concerned. Many will see the slowdown in London as a direct result of the EU referendum however, this simply isn't the case. Any impact of the Brexit vote will take a lot longer than two months to materialise and as we are still technically part of the EU, this won't be triggered until Article 50 is evoked." Mr. Quirk continues. "London has, however, taken a bit of a battering with changes to Buy to Let and second home stamp duty taxes over the last year and so this slowing price growth is almost certainly a result of that."

Since 2009 over 15,000 customers have trusted eMoov with their home sale. eMoov has built empowering technology to assist people in towns and cities all across the UK. Their award winning team of professionals is vital to a successful home sale. To learn more about the latest property and home value trends or to learn about eMoov's online estate agent services visit http://www.eMoov.co.uk today.

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Damon Burton
eMoov
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