UK Property Prices Increase in July

The latest report by Rightmove Plc, one of the leading estate agencies in the UK, published on Monday, July 20th, suggests that UK property sellers have responded to increased buyers’ interest by raising property prices in July. The report states that an average UK property is now being priced at £227,864, which represents a 0.6% increase and follows a 0.4% decline in June. The largest operator of residential property also claimed that in July prices on London property have seen the first annual gain this year. It is believed that the UK property market has passed the worst economic situation and is starting its recovery as a result of the Government’s measures, which included rescuing British banks and printing money. It should be said that the growing confidence of consumers, coupled with increased buyer activity, resulted in raised property prices. According to Miles Shipside, Rightmove commercial director, many potential homebuyers recently learned that all best buy property deals are already gone. Rightmove has been tracking 10 regions this month, 7 of which showed an increase in property prices. East Anglia is at the top of the list with asking prices that have risen by 6.1%. In general, property prices in England and Wales fell by 3.1% from last year’s level. The estate agency’s report also demonstrates that the number of properties for sale available at estate agencies fell to 70, which compares to 71 in June 2009. Surprisingly, the number of potential homebuyers reached an unexpectedly high level. It is also important to note that property values in the capital of Great Britain have seen an increase for the first time this year. Asking prices in London grew by 1.4% this month and are now 0.6% higher than last year. The leading areas in London include Westminster, where property prices increased by 5.2%, Croydon and Camden.