We have covered extensively in our blog here at DevDosh Ltd over the course of the past year the various effects that the Brexit vote has had on the UK property market.
It seems to be a never ending pendulam of positive versus negative consequences, one minute it is all doom and gloom and the castle of glass that is the UK property market is going to shatter, and the next minute it is a fortress of steel that is impregnable to outside influences.
This blog is one of positivity regarding the UK property market following one more swing towards good news.
So it seems that there has been some considerable capital growth in the market, even the doomsayers would have to constructive about.
Property prices in major cities around the UK increased by 4.9% in the year to August 2017 but growth is down from the 6.6% recorded in the same month in 2016.
The last six months has seen consistent growth both year on year and month on month with average monthly growth at 2.5% in August, up from 1.1% in March and annual growth up from 2.7% in May.
The data from real estate company Hometrack also shows that Manchester is the fastest growing city with annual price growth of 7.3% while London has the slowest annual growth at 1.9% and in Aberdeen prices are down 1.9%.
The report attributes the steady rise in house prices to falling unemployment and record low mortgage rates.
London is not fairing so well with home values actually falling, the nominal growth rate of 1.9% is below the general rate of inflation.
Graham Davidson, managing director, Sequre said:
‘It’s clear that those who have chased capital growth for many years are now steering clear and looking up north where property is much more affordable, rental yields are significantly higher and capital growth is following a firm upward curve,’ he said.