Before the EU referendum in
June 2016, the annual growth rate of property prices was over 8%.
Since then it has steadily
declined: the latest figures from the National Statistics Office (ONS) show
that prices rose only 1.3 percent in the year to September.
A NEW NORTH SHUTTER
In recent years, the real estate market in the north has
been better than in London and the southeast.
Party time: real estate agents wait for New Year's fireworks
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Party time: real estate agents wait for New Year's fireworks
The highest annual growth was recorded in the northwest,
with 2.8 percent in September this year. Just behind were Yorkshire and Humber,
where prices rose 2.2 percent.
The Northeast remained stable at 2%, where major cities such
as Middlesbrough and Newcastle led the group, with increases of 7% and 6.7%
respectively.
But even the growth areas have felt the pinch lately.
Lily Jeffels, principal negotiator for Reeds Rains real
estate agents in Newcastle, says the instructions have fallen dramatically this
month and are half that of last year.
The company has also lost about 40% of its inventory due to
suppliers that resist uncertainty.
But Jeffels expects last week’s general election to mark a
turning point. "I think with this result, we are witnessing a small
change, even today," he says, speaking the day after the conservatives
secured most of the 1980s.
Yesterday we had three lists and one has passed. We had many
instructions waiting on the site, but nobody wanted to make a list until the
election results.
"I feel that the next three months will be an
exceptional moment."
The average housing prices in Newcastle are £ 171,374,
compared to the national average of £ 251,000. Jeffels says the city has not
yet reached its maximum limit and expects prices to increase an additional 5%
during 2020.
Meanwhile, prices in Scotland increased 2.4 percent in
September and Savills forecasts an additional 2 percent increase in 2020.
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