Categorized | International

Housing Prices Increase in United Kingdom During Month of January

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Residential real estate prices in the United Kingdom rose just under one percent during the month of January, defying the expectations of market experts. The increase in pricing brought the average cost of a home in the United Kingdom up to just under one hundred and sixty one thousand pounds.

Over the last few months, residential real estate market expects have debated the overall health of the property market in the United Kingdom. They believe that the performance of the market largely depended on the impact that the debt crisis across Europe would have on housing prices in the UK.

Prices had fallen the last few months, but the increase experienced in January gives hope to those investing in the market. Economic experts believe that the performance of the housing market largely depends on the United Kingdom’s ability to hold off a prolonged recession that may come as a result of the European debt crisis.

Housing market analysts attribute the current gain to low interest rates and limited supply. Even with the increase in pricing, there was a massive gap between the performance of properties in the north and the south. That gap is expected to continue throughout the next year, as areas that are hit hardest by the economy will experience further struggles.

The boost in housing prices has given citizens in the thriving areas of the United Kingdom hope that they will be able to avoid the pending recession. As such, they are far more confident about the residential real estate market than those living in areas that are struggling.

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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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