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UK property market: The good, the bag and the ugly

15 December 2017

With Father Christmas all but ready to visit homes across the UK, we’ve compiled our annual lists to give him a hand based on the increase or decrease in property prices since last December.

The Good:

Swale in Kent has seen prices increase by 14.4% since last Christmas, the largest across the nation. East Northamptonshire (12.7%), Oadby and Wigston in Leicestershire (12.4%), and Cambridge (12%) have all also enjoyed strong growth at 12% or higher.

Swale, Kent 14.4% East Northamptonshire 12.7% Oadby and Wigston, Leicestershire 12.4% Cambridge 12% Torridge, North Devon 11.8% Corby, Northamptonshire 11.7% Test Valley, Hampshire 11.7% West Somerset 10.9% The Orkney Islands, Scotland 10.9% London Borough of Merton 10.5%

The Bad:

Kensington and Chelsea (-8%), Hartlepool (-7.4%), and the City of Westminster are also among the largest, down by more than 5%.

Shetland Islands, Scotland -21.3% Kensington and Chelsea, London -8% Hartlepool, County Durham -7.4% City of Westminster, London -6.3% Newcastle, Tyne and Wear -3.8% Guildford, Surrey -2.9% Hyndburn, Lancashire -2.5% London Borough of Brent -2.5% City of Aberdeen, Scotland -1.9% Bracknell Forest, Berkshire -1.5%

The Ugly:

cross London as a whole 42 per cent of the 9,191 one bed flats on the market are priced at more than £500,000. For two bed flats the figure is 59 per cent of the 15,207 that are for sale.

The £500,000 barrier is significant as properties priced above that level are not eligible for the stamp duty relief announced in last month’s Budget.

With deposits averaging around 25 per cent it also means thousands of Londoners are having to saddle themselves with mortgages of £375,000 or more just as rates are starting to rise.


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