By Raquel Mete
Data published by respected industry watchers suggest house prices in the UK and in particular in some cities may now be rebounding, thinks Lynn Greenfield, Property Manager at ZEDRA Property Services.
A period of relative weakness, not helped by Brexit uncertainties, led to the UK Office of National Statistics house price index showing the lowest period of growth for 2018 since 2013 at just 3.3% average per annum in data published by the Land Registry in February 2019. However, this was followed shortly afterwards by the Zoopla 20 cities house price index, prepared by Hometrack, showing a rise of 2.9% for January alone. Standout locations included Leicester, up 6.1% over 12 months and Oxford, up 2.8% in the last three months.
Continuing this trend, the Halifax, which has been compiling data on UK house prices since 1983, reported the average price of a home in Britain jumped 5.9 per cent to £236,800 in February.
Commenting on the figures, Lynn Greenfield noted, “Whilst we should not read too much into one month of data alone, these numbers reflect a slow but steady increase in interest which we are seeing at ZEDRA. More and more people are now starting to think they might want to get back into the market now, ahead of the pent up demand which we believe exists across the sector.”
ZEDRA offers in house tailored property management, purchase and sale solutions to the group’s private client base around the world. Target yields of 4% and over are available in some prime areas of London, meaning a managed property service can have a valuable role to play in many private client portfolios.
For details of ZEDRA Property Services, contact Lynn Greenfield at firstname.lastname@example.org