Residential property prices across England are increasing by the drop of a hat compared to that in London, according to the latest ONS and Land Registry figures.
The April’s stamp duty and June’s Brexit vote has cast its effect mostly in London, which resulted pockets of stagnant or fall in price growth during the second half of 2016.
Initially, house prices have risen at a considerably faster pace in London compared to rest of the area of Britain. However, 2016 ended with property prices rising by 7.7 per cent to £236,000 in comparison to 7.5 per cent in London.
Property price growth has been lately softening with the capital under performing the national average for the first time since the financial crisis of 2008, states Rob Weaver, Property Partner’s director of investments.
Despite the fact prime central London has hit something of a wall, outer London boroughs are still witnessing a double-digit price growth.
Out of 33 boroughs in London 8 boroughs have recorded a significant price growth of more than 10 per cent in the past 12 months, with the biggest increases in the capital’s most affordable borough, Barking and Dagenham.
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