Property sale prices in the UK varied extremely in March

Property sale prices in the UK varied extremely in March

March 2017 saw 96,500 residential and commercial land and property sales lodged with the Land Registry in England and Wales. And their price tags ranged from very little to very, very big.

Out of the total number of sales 67,893 were freehold and 14,849 were new-built, out of which 510 cost £1 million or more and 305 were residential sales in London for £1 million and over.

UK homeownership falls to lowest rate since 1985

Winner of most expensive sale in March was a terraced house in London’s Kensington and Chelsea. The beautiful home sold for £11.25 million.

At the other end of the spectrum was a terraced home in Blyth, in Northumberland, and a flat in Weymuoth, Dorset, with each of them selling for £10,000.

And whilst the prices vary quite dramatically, homeowners across England and Wales expect property prices to continue their increase over the six months to come.

As a new Zoopla study has revealed, 87% of respondents are confident property prices will continue to grow. This number indicates an increase by 4% from October last year, but also a drop from the 92% recorded twelve months ago.

UK house prices in the lead-up to the General Election

When it comes to investing money, only 18% of homeowners stated that they were making plans to buy a property over the next six months. On a regional level, England’s East are the most confident in a rise in property value, with 89% of respondents expecting the increase to continue over the next six months to come.

Lawrence Hall, Zoopla’s spokesperson, stated:

“Despite a continued period of political uncertainty, it’s encouraging to see a rise in confidence for property price growth. However, despite this, we can’t ignore that there’s been a rise in reluctance to buy and sell properties.”

“With the upcoming general election, it’s perhaps no surprise that people may be holding out to make a purchase or sale decision until after the election on 08 June.”

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