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London Property Providing "Ripple Effect" for the UK

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United Kingdom  Bank of England  London  LSL Property Services  David Newnes  Mark Carney 

London Property Providing "Ripple Effect" for the UK

By - Thursday 20 February 2014

The UK's property market is now being boosted by the positivity that has been seen in London in recent years, which could be good news for investors who are looking for new areas to buy in. According to David Newnes, LSL Property Services' director, the heat that was seen in London alone in years gone by is now starting to radiate wider. The north, the Midlands, East Anglia and areas of the south are now starting to see prices catching up with those witnessed in the capital, Mr Newnes added.

He went on to say that growth in northern regions is starting to now erode the traditional north-south divide, with the West Midlands breaking the mould throughout January. The region saw prices rising at a rate faster than in the south-west, with a large jump in the first month of the year alone. Across the country, some 90 per cent of local authorities reported that prices rose throughout January this year, with these now an average of 5.2 per cent higher than at the same time a year ago.

On top of this, activity levels were also greatly improved, as more buyers looked to use the new year as a springboard to move homes and jobs. Transactions were more than two-thirds up throughout the month and much higher than they have been at any time since the financial crisis. Mr Newnes said: "Last month saw the largest rise in sales over the past year, up 67 per cent annually, with transaction levels crucially only 4 per cent below the January average seen in the decade before the credit crunch. This astounding turnaround can largely be pinned down to the resurgence of the first-time buyers. The wide range of attractive mortgage deals on offer, cheaper rates and wider product choice has been pivotal."

With interest rates set to remain at a steady level throughout the months ahead, according to Bank of England governor Mark Carney this weekend (February 16th), it could mean that investors welcome strong levels if demand in the months ahead, meaning that now could be a good time to purchase in regional areas of the UK.

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