The pace of country house price growth appears to be slowing – but demand continues to outpace supply by some margin.
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The latest official UK House Price Index tells of 10.6% inflation in the year to August. London was the slowest-growing region for the ninth consecutive month, despite the capital seeing the highest annual increase in more than five years.
Every region and market sector saw asking prices rise to a record high last month, reports Rightmove; it’s the first “full house” since 2007.
With supply levels running so low, ‘frustrated’ companies are having to consider outer-lying parts of the capital and alternative options to house their employees, reports Knight Frank.
London’s average £1m home is only a third (36%) bigger than the overall average-sized home in the capital, says Savills. Buyers would get an average of 70% more space if they looked beyond the M25.
The number of £1m+ homes outside of London grew by 95,500 in the 18 months to June 2021, while in London, they rose by less than a fifth of that figure. Lucian Cook looks at whether this was a one-off or part of a more permanent rebalancing.
A sharp acceleration in property price inflation means that the combined value of British homes has climbed by £550 billion (a third of the total five-year increase) in just the last 12 months, according to Zoopla’s automated valuations.