Residential Property Prices Are Up for Great Britain
Residential property prices are upbeat in Great Britain. Based on the latest index from the Office of National Statistics (ONS), as reported by PropertyWire, the report stated, "Private rental prices paid by tenants in Great Britain rose by 2.5 percent in the 12 months to December 2015."
The same report additionally showed, "Private rental prices grew by 2.7 percent in England, 0.7 percent in Wales and 0.9 percent in Scotland with rental prices increasing the most in London at 3.9 percent."
More comprehensive figures from ONS indicated that since January 2011, England's rental prices had surged more than the prices in Wales, while the annual rate of change for Wales remained lower than that of England and the other regions of Great Britain. Furthermore, rental growth in Scotland had fallen 0.9 percent from 2014 up to December 2015, from 2.1 percent in the year for the months of January through June 2015.
Also, a separate report from Select Property showed, "The fourth quarter of 2015 continued to witness signs of a strong rental market as prices increased by 2.5 percent in the year to December 2015, but this was a slowdown of 0.2 percent in the annual growth rate compared with September 2015."
It was highlighted that the slowdown was partly driven by Scotland, wherein the ONS report pointed out that some areas in Scotland have low figures and have fallen by 0.7 percent in comparison to the annual growth rate in September 2015.
It appears that the overall tenant demand continued to rise in the past three months to November 2015, and the strength in demand was in direct contrast to supply. At the same time, it is crucial to note that even the recent landlord instructions fell again for the month of November.
All of these figures were indicators of how volatile the real estate sector of the United Kingdom and its areas have been as of late. Dealing with the present hurdles is important for the region; otherwise, the tenants will be the ones facing the major consequences in the skyrocketing of rental fees.