London prices still rising, but signs of life elsewhere too, reports Offshoreonline.org

London prices still rising, but signs of life elsewhere too, reports Offshoreonline.org

  • UK property market fell by 0.9% in October
  • 4 regions showed positive growth
  • London now the only UK region to still show a year on year positive growth figure

Data released by the UK Land Registry for October paints a mixed picture of house prices in the UK, according to expatriate mortgage specialists, Offshoreonline.org. Average prices across the UK fell by 0.9%, one of their worst performances since early 2009.

However, much of this was due to significant falls in the North West and Wales where prices dropped by around 3%. In the East of the UK, prices actually rose by 0.7% over the month, whilst more modest performances were also recorded in Yorkshire, the East Midlands and South East, where prices rose by 0.2% to 0.4% on average.

London prices retreated on average by 1.6%, but over the past year have still managed to grow by 0.3%. Once again, the London figures concealed a broad range of results, with property in Merton, which includes Wimbledon, rising by 1.8% in October alone. At the other end of the scale, values in Hackney fell by 0.8%.

Commenting on the figures, managing director of expatriate mortgage specialist Offshoreonline.org said, “The UK property market is certainly reflecting the general level of anxiety evident in the UK economy, with many buyers putting off activity until confidence returns. For those who are not caught in a chain, the current market offers some real opportunities, providing vendors are realistic about values. We have seen evidence of good quality houses selling in Wandsworth, for example, within two weeks of being listed.”

Expatriates trying to buy property in the UK can access variable rate mortgages with interest rates starting at 4.18%.

Erica Evans of expatriate property search agents Expatfindaproperty.com said, “With so many parts of the UK continuing to disappoint in capital value terms, it is vital that buyers looking to start or add to a buy to let portfolio consider where they are buying carefully. Good quality areas such as Islington and the South West of London have a significant rental demand and prices are broadly holding up.”

Other surveys illustrate the importance of the Far Eastern, Italian and Spanish buyers in the London market and this international dimension will certainly have helped provide a floor for prices in the better quality boroughs, believes Offshoreonline.org.

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