London Drives Up UK Home Prices
Home prices are going up in UK. And London is the main cause that is driving up prices. A recent report published by Rightmove points out that prices are up for the seventh consecutive month and it will go up 4 percent in 2013, rather than 2 percent as previously thought.
All eleven regions in Britain showed price increases. However, according to property website Zoopla, three regions saw faster increases than London. For example, East Midlands (2.8%), Yorkshire and the Humber (2.78%), and Wales (2.72%) enjoyed increases that are bigger than London (2.71%).
This is the first time increases like this happened across the region since the 2008 financial meltdown. Various factors such as the ability to borrow more (Funding for Lending Program), Government assisted buying programs, increased buyers’ confidence, and increased foreign demand are some to mention.
An average home cost roughly £160,000 eight months ago in UK. An average home costs roughly £168,000 now.
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