Categorized | International

Housing Prices in the United Kingdom Have Declined in the Past Year

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While both London and the South East have experienced strong increases in home prices in the past year, the rest of the United Kingdom has not faired so well. In fact, the average property in the United Kingdom has dropped more than seven thousand five hundred pounds in the last year.

Aside from London and the South East, England has performed by far the worst of the three countries making up the United Kingdom. Prices, on average, fell more than three and a half percent in the past year. Residential real estate prices in Wales fell more than one and a half percent. Scotland performed the best of the three, and saw its prices remain stagnant over the past year.

While the majority of England has seen its housing market suffer, London has had an outstanding performance, posting record increases in home prices over the past twelve months. Prices in the city have increased more than one percent. The increases can be attributed to high demand, particularly among international investors.

The high-end, luxury market of London has seen some remarkable increases, as the world’s elite individuals have been snatching up properties in the city.

In stark contrast to London and the South East, Northampton and the North East have experienced the worst of struggles in their housing market over the past year. Prices have fallen by more than six percent in the region, and analysts believe that things will only get worse. Prices in Northampton and the North East are not expected to improve any time in the near future.

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About Nancy Raven

Nancy is the main writer for the International section of the website. Sometimes she also helps Drew out on the Finance/Mortgage section as well.

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