The Property Market in the South East of the UK
The South East of England has experienced exceptional levels of house price growth during 2014 and 2015. Thanks to unprecedented growth in the London property market, a growing number of house buyers have been looking farther afield for affordable homes, and several towns and villages in the region have experienced double-digit property value growth as a result.
According to figures from The Land Registry, property prices in the capital increased by an average of £30,000 during the year to September 2015. This appeared to have a direct effect on house prices in the South East, which rose by £18,000 during the same period. The average price of a home in the region stood at an all-time high of nearly £255,000 in September 2015 – and more growth is being predicted over the next few years.
While many of the highest house prices in the South East of England can be found in London’s commuter belt, there have been some surprising statistics with regard to rising property values since 2013. According to one article on the Metro website, the famous seaside towns of Margate and Clacton-on-Sea have experienced an increase in house sales of more than 40 percent. The towns of Slough and Wickford experienced similar levels of house selling activity. But the number of house sales increased by more than 60 percent between 2014 and 2015 in the likes of Watford, Reading, Sutton and Barking.
Brighton homeowners have enjoyed watching their property soar in value over the last few years. Figures released by The Land Registry in 2015 revealed that house prices increased by 11.1 percent between June 2014 and June 2015. And with so few houses for sale in Brighton at the moment, further house price growth is being predicted between now and 2020.
According to Rightmove, 2015 saw monthly house price rises in both Essex and West Sussex of more than three percent. Moreover, it was revealed that the number of sellers in the south was down more than seven percent on the previous year. This suggests that the gap between the supply of residential property and the demand for homes is growing – which will undoubtedly fuel further house price growth in the near future.
The Knight Frank and Markit Economics house price sentiment index (HPSI) recently revealed that house price growth in South East England is due to rise significantly over the course of 2016. Indeed, homeowners in many parts of the region can expect the value of their home to rise by more than during any year since the index started in 2009. This is definitely an exciting time for people looking to sell a house in the South East.
