England and
Wales close off 2016 with another inflation of real estate prices -- signifying
great news for homeowners. Data from observers suggest that homes in England
and Wales have increased by 3.1 per cent in value by the end of 2016. From
October to December alone, house prices have grown by 0.4 per cent pushing house
prices by £1,139 to £297,678.
The Brexit
vote during the EU referendum had helped push down prices in the area but real
estate confidence had returned with the average house prices back at
"record levels." The rise of 3.1 per cent in England and Wales in
general is an effect analysts consider to help lower London's property prices
as the "balance" shifts away from the British capital city.
However,
first-time homebuyers still need to contend with over £200,000 in property
expenses -- a lower contender compared to the £400,000 homebuyers may face in
London property values. Data from Halifax indicates that last year, 28 per cent
of first-time buyers opted for a 30 -35 mortgage term with most buyers beyond
the age of 30 years.
Foxtons --
recently faced with investor coop-out -- warned that the estate industry's
sales are slowing down. Reflected in their figures is a sharp drop in
transactions for the second half of 2016 in their central London operations.
