In what could be a major relief to investors in the UK property market, the prices have continued to maintain their upward trend continuing from September 2016. The price of properties coming to the market in the UK has risen by 0.9 per cent, according to the Rightmove House Price Index for October. Likewise, the price of properties coming to the market in London has increased by 2.4 per cent.
Though the increase in the prices of properties coming to the market to the UK in general and London in particular are less when compared to the corresponding period last year, the growth is seen as a welcome sign, especially in the wake of Brexit. This demonstrates the capabilities of London’s property market to withstand international developments, such as Brexit and economic upheavals.
In fact, the price of properties coming to the market in October in the UK is just 0.4 per cent below the all-time high reached in June this year. The property prices witnessed significant fall in July and August after the UK decided to vote in favour of exiting from the EU. However, within two months, the nation witnessed rebound in prices. This is a good time to invest in the UK property market for long-term returns.
Price of property coming to market increases by 0.9% (+£2,623) this month to £309,122, just 0.4% (£1,349) below the all-time high reached in June