Real estate markets from one side of the world to the next, particularly in the UK and the United States, are beginning to see an uptick in activity. This is good news for many countries, especially those that have gone through a rough stretch over the past few years.
Home prices in London and the south are on the rise, with the Nationwide Building Society noting that prices in the city are increasing at 10 pc annually. While this may not sound like a big deal, when compared to the weakest region in the UK, the North, which is climbing at only 0.2 pc, it is easy to see just how robust this growth really is.
London Growth Fastest Since 2010
Believe it or not, the growth experienced by London at the present time is the fastest recorded since 2010. While this is good news for those who are looking to sell their home, it is important to note that those who are buying are in a different situation. The reason for this is simple: prices in the area are 8 pc higher than they were in 2007.
Here are some stats that you need to be aware of:
- The average home price in London is £331,000
- The average home price in the North is £117,000
- The average home price in Northern Ireland is £109,000
As you can see, home prices in London are almost three times as much, on average, as those in Northern Ireland.
London is out in front in terms of growth, with the next fastest growing region being East Anglia with a 6.6 pc increase year over year.
For a real estate market that was down and out only five years ago, it is nice to see things picking up in London, as well as some of the other regions nearby.