Latest property hotspots in the UK revealed

December 26, 2016 by Brendan

Property Market

According to the recent house price index produced by the Office for National Statistics, Slough and Basildon are the latest property hotspots in the UK.

Property prices in Basildon, Essex have jumped almost one fifth, at 19.9%, with the average house price now £301,633. In Slough, the price of an average house has risen slightly less at 19.6%, taking the average house price to £308,810. The index indicates that towns which have convenient transport links into the capital are performing well, with increases in property prices in Welwyn Hatfield, Stevenage, Watford, Brentwood and Broxbourne.

Huge price increases have also taken place elsewhere in the country, with property prices in Bristol increasing by 13.9% and East Renfrewshire by 17.7%. The chief executive of HouseSimple.com, Alex Gosling, said:

“Whereas in the aftermath of the 2008 financial crash, it was London’s attractiveness to foreign investors that stopped house prices from collapsing, there is no longer such a reliance on the capital.”

Gosling added that other regions of the UK were now demonstrating impressive growth, like the south east of England and the east. However, experts warn that some buyers have now been priced out of the property market completely. Rightmove has predicted that house price growth will slow to just 2% next year, which is good news for first time buyers.

Mortgage advisers take a CeMAP course to ensure that they are qualified to assist first time buyers and other borrowers to find the most suitable mortgage for their needs.