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].
Brentwood, UK (PRWEB UK) 1 November 2016
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."
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