Yorkshire is currently top of the pops when it comes to an increase in house prices. By the third quarter of 2018 the region saw a 5.8% increase in annual house prices, marking it as the top performing region for property price rises in the UK in over a decade.
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London, however, is still seeing house prices fall. In fact, they’ve fallen annually for five quarters in a row. Having said that, London property values are only 3% below a record high seen in 2017 and are still over 50% higher than values in 2007.
So – what’s causing these highs and lows?
Many experts believe that uncertainty surrounding Brexit is having an effect on certain areas of the UK. Buyers are apparently holding back from making purchases until they know how the 2019 deal may affect the housing market. Interest rates and pressure on household budgets is also likely to put pressure on housing market activity.
North London estate agent and former residential chairman of the Royal Institution of Chartered Surveyors (Rics), Jeremy Leaf said: *"Once again, we are finding that the market continues to be supported by a shortage of stock and low mortgage rates, as well as new buyers returning from holiday keen to take advantage of some more realistic pricing.
"It is a mixed bag, however, because activity and prices in London remain challenging whereas in many places outside it is quite a different picture.
"This is mainly due to historic affordability reasons, particularly when this well-respected index confirms London prices are still more than 50 percent above their 2007 peak."*
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