Reading is the front runner in rising house prices
After analysis from ONS and the Land Registry, it is revealed that Reading recorded the biggest house price rises in England and Wales in 2015.
The report supported the evidence of the “ripple effect” in the housing market, with buyers being forced out of central London to search for cheaper locations near enough to the centre to commute to work.
As the average cost of a house in London reached £500,000 for the first time, the biggest rises were in Barking ad Dagenham and Hillingdon, the outer suburbs, increasing more than 15%. On the contrary Kensington and Chelsea the rise was only 3.6% according to information from the Land Registry.
Property prices in Reading which conveniently is only a thirty minute train ride to Paddington station in London, rose 17.1% in 2015. Similarly in Slough and Luton, two other towns, close enough to the capital to commute, house prices soared over 14% to £226,096 and £164,284 on average.
In general, the price of buying a house in England and Wales increased by 6.4% last year. This indicates that house prices rose by almost a staggering £1000 per month in 2015.
Other statistics by the Office of National Statistics showed that tenants in Great Britain forked out 2.5% more on rent than they had done the previous year. As the need for rented accommodation grows - due to buyers being pushed off the property ladder – this, as a result has increased the costs of rents.
The largest increases in rent occurred in the South East and London, with tenants in the South East paying 2.7% more and those in London shelling out 3.9% higher rent prices.
The ONS stated that “Conditions in the housing market as a whole may have been supporting rental price growth… demand for rental property has outstripped supply in some parts of the country”.
This is an indication of how difficult the housing market is becoming for buyers.
Aislinn Devlin, Pali Ltd
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