Residential conveyancing world awaits election result
New figures from lender Nationwide have revealed that house prices in the UK have risen by one percent, the largest monthly rise since June 2014, the highpoint of Britain’s last property bubble.
According to the new figures, the average house price rose to £193,048, with London and the South East, the two busiest areas of the country for residential conveyancing solicitors, experiencing the most pronounced rise as price increases returned to dizzying levels last seen before 2014’s bursting of the property bubble.
What is interesting is that the price rise comes against the background of an impending election which has in some ways slowed the seemingly inexorable growth of the luxury property market; it also comes at a time when there are stricter lending fees and record high average outlay on residential conveyancing solicitor services.
“The pick-up in price growth has occurred even though the pace of activity in the housing market has remained fairly subdued in recent months. Indeed, the number of mortgage approvals is still well below its long run average and 20pc below the levels recorded in early 2014,” commented Robert Gardner, Nationwide’s chief economist.
However, it is in London’s luxury property market that things have slowed most noticeably, with fears of a Labour victory and its potential tax consequences, keeping elite buyers from opening their purses.
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