“With the property market continuously gets cool day after day, the UK housing prices also experience the changes in the housing prices in three months”
Humberside, Yorkshire, North-West and Wales have experienced the out-and-out price declination, with the average prices across the country are edging up by 1.1% in the quarter. According to the Nationwide Building Society, In the last three months of 2014, the pace of the house price growth has consequently declined sharply. Although the prices that had ended the year 8.3%, are now apparently higher than in the same period of 2013.
As the evidence to show that the UK’s property market is slowing down, you can check these few places including- Wales, Humberside, North-West England, and Yorkshire that have experienced the price declines in the final quarter of the year.
The average price that is edging up across the UK is by 0.2% in December and 1.1% in the quarter which is taking the average price to £189,002. In London itself, the typical home changed hands for £406,730, up 2.5% on the quarter and up 17.8% over 12 months. As compared to their previous peak in 2007, the prices in the capital, London are now 35% above.
In the middle of big towns and the cities, St. Albans has recorded the highest price growth that is up by 24% over the year to an average of £494,777, narrowly followed by a 19% rise in Reading and a 17% rise in Belfast. On the other hand, the Northern Ireland has also recorded the capital growth with a dramatic boom and bust in its estate market during the neighbouring Republic’s Celtic Tiger Years.
Now albeit from the low base is now showing the sign of recovery. However, various cities in the UK have recorded the zero or very stumpy house price expansion over the year. In Manchester, prices have almost failed to rise over the year, while in Leicester the rise was 3% and in Liverpool it was 5%.
Towns and Cities Where Prices Have Grown Include:
| Town/City | Annual % +/- | Average price |
| St Albans | 24.00 | £494,777 |
| Reading | 19.00 | £318,333 |
| Belfast | 17.00 | £189,245 |
| London* | 16.00 | £446,455* |
| Nottingham | 14.00 | £174,076 |
Towns and Cities Where Prices Have Critically Slowed Down Include:
| Town/City | Annual % +/- | Average price |
| Manchester | 0.00 | £210,685 |
| Leicester | 3.00 | £174,813 |
| Cardiff | 4.00 | £223,086 |
| Sunderland | 5.00 | £149,246 |
| Liverpool | 5.00 | £167,164 |
The widely renowned chief economist, Robert Gardner has also unveiled that, in the final quarter of 2014, everyone region except for North and England have been experiencing the heavy slow down. For the second year running, London is the most performing region for the second year running.
In this race, Yorkshire and Humberside have come up as the two most weakest and least performing place with prices up by just 1.5% over the year. The annual price growth in Scotland has also moderated to 4.2% where the Northern Ireland has seen an 8.1% boost in the prices however, they are still moving around 47& below to their 2007 peak.
Economists have expected that the newly made alterations to stamp duty announced by the Chancellor. George Osborne, which will mean 98% of buyers pay lower amounts of tax, will have only a limited impact on the slowdown in house price growth.
However, the archer chief of UK and eurozone economist consist at housing market at HIS has said that. “while the stamp duty reform should have some type of beneficial impact on the housing market, we doubt that it will leave an impact on the housing activity and prices to see a major turnaround. House prices are expected to rise by the solid but unspectacular 5% in the 2015.
