London - London
property prices rebounded to an all-time high this month, boosted by areas on the periphery of the UK capital, according to
The average price
of a home coming to market climbed to £649 772 in
March, rising 1.4% from a month earlier, the property website
said on Monday. Values have increased 0.9% annually, even as
those in central boroughs stagnated. The best performing areas were
Ealing and Harrow, while Kensington and Chelsea saw the biggest
London’s housing market underperformed the rest of the country during 2016 as stretched affordability, Britain’s
vote to leave the European Union and tax increases on investors weighed on demand.
“It is this trend of buyers looking further afield for value that is
pushing up demand and therefore prices in many outer boroughs,” said
Miles Shipside. “With nine months having elapsed since the referendum
and stronger demand returning to the market, there are signs that prices
are becoming more resilient.”
asking prices rose 1.3% on the month to an average £310 108, with the Midlands leading the gains. While UK prices gained
2.3% from a year earlier, that’s significantly weaker than the
7.6% pace seen in March 2016.
Even as prospects for the housing market brighten, British consumer
spending is set to slow to four-year low in 2017 as inflation, weak wage
growth and the impact of welfare cuts hit households, according to a
separate report by the EY ITEM Club.
Real consumer spending will rise
1.7% this year, compared with a 12-year high of 3.1% in
2016, it said.
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