UK Prime Property Prices Rise in May

The latest research carried out by PrimeLocation revealed that prime property prices in Great Britain increased by 1.3% in May. Now they stand at 462,153 pounds, which is 1.4% higher than in May 2010. May marked the 3rd consecutive month of growth.

Let us remind that back in 2008, when UK property market was on its peak, prime property was priced at approximately 410,022 pounds, which is 53,000 pounds or 13% lower than now.

To compare, house prices across all other property sectors fell by 0.2% in the past 3 years.

It is interesting to note that prime property prices in different UK regions vary significantly. As such, prime property in Scotland is priced at 392,000, in Wales - at 350,000, and in England - 450,000 - 500,000. The most expensive houses are located in the Capital of Great Britain, London; they are priced at 1,150,000.

According to Nigel Lewis of PrimeLocation, "the figures speak for themselves. In the past three years, for all the talk of difficulties in the housing market and the wider economy, the top end of the market has boomed while the rest of the market has seen prices stagnate or fall."