In the UK property market update video for May 2018, Richard Donnell, the Insight Director at Hometrack, discusses current trends in the UK housing market. Topics covered this month include:
1. The diversity of the housing market across London
London has a very diverse housing market. Whilst there’s been a great deal of reporting recently on house price falls in the capital, this isn’t the case across the entirety of the city. There’s a great deal of difference between the situation in central London, as opposed to areas around the outskirts and on the commuter belt.
2. National trends in sales prices
Outside of southern England, market conditions in regional areas remain strong. Manchester is the city registering the fastest growth this month in our UK Cities Index report, at almost 8%. Discounts from asking prices to sales prices are also decreasing in regional cities, meaning sellers are benefitting from a higher percentage of the initial asking price.
3. The current market in the south of England
We’re expecting to see house price growth moderate further over 2018 in the south of England. However, house prices in this area are continuing to rise at a faster rate than average incomes, meaning affordability pressures are impacting the market. Unlike in other regional cities, discounts from asking prices to sales prices continue to grow in this part of the country.
To download the supporting slides from the video update, click here. For more property industry insights, take a look at our most recent Cities Index Report. And if you’d like to subscribe to this report as a monthly email update, you can do so here.