Property Prices Rise in UK
Property prices have risen for the first time in twenty months during March according to a report published by Hometrack.
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April 11, 2012 (FPRC) -- The report includes data sourced from a total of 1500 surveyors and estate agents who were surveyed in the UK.
The report shows that values for new homes for sale rose by 0.2 per cent in March 2012 which is the first rise in property values for nearly two years. London outperformed with property prices increasing by 0.5 per cent which is the largest increase since April 2010, and four out of ten regions surveyed by Hometrack also saw increases in property values.
Other regions in the UK showed a decrease in property values including new homes in Scotland, the North of England and Wales. The North of England showed a decline of 0.2 per cent in property values; however the North West of England was reported to have seen an increase in buyer activity at its highest level since 2009 according to the most recent Royal Institution of Chartered Surveyors (RICS) report.
Overall, the number of new buyers who registered with estate agents rose by 18 per cent during February and 4.4 per cent in March because of the stamp duty tax deadline that ended on March 24th 2012. This rise in buyer interest was the largest recorded in five years.
According to the recent RICS report the UK’s property market remains divided between northern and southern regions and this situation is set to remain. Buyer interest has also decreased for new homes in Norfolk, new homes in Suffolk and across East Anglia as well as for new homes in Scotland.
With further challenges from the economic climate, the Government’s budget outcome, the expiry of the stamp duty tax exemption and spiralling fuel and inflation costs, the property market could remain stagnant this year. RICS has also warned that sellers who are trying to sell their homes in the current climate should be more realistic about their selling prices.
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