LONDON—Despite the UK coalition government’s efforts for “fairness” in the emergency Budget of June 22, property values still show the have/have-not gap between Wales together with the north of England and London and the southeast.
Two reports on the property market indicate that dealings in property may not be harmonized by the government’s pledges.
One report, released on June 28 by the Land Registry, the government department that aims to maintain an effective land registration system; the other by Savills, a global real estate provider, was released earlier in June.
The split between the “haves” in and around London still stand out from the “have-nots” in the north of England, according to figures as recent as May.
With all 10 regions in England and Wales experiencing increases in their average property values over the last 12 months, it was still London that had the highest annual price change with an increase of 14.2 percent.
The region with the smallest annual price rise was the North East with a movement of 1.8 percent.
In April, Wales was Britain’s most affordable region - with the average home prices at £128,600.
In Savills research, house owners in the City of Westminster own, on average, 71 percent of their property. In County Durham it is less than 25 percent. House prices there have fallen 18.5 percent since 2007.
The Savills data considered types of property in an area, length of stay, types of tenure, house price tags, rates of house price growth, and income levels. A conclusion to be drawn from its information is that availability of mortgage finance has been crucial to home-ownership and area affluence.
Despite the restructuring of help with regional aid, transport, Capital Gains Tax (CGT), Value Added Tax (VAT) on newbuild homes, possible exemptions of stamp duty for first-time buyers, and other measures, the coalition’s Emergency Budget may still not be enough to close the rift in the regional divides of the property market.
Yolande Barnes, Head of Residential Research said on the Savills website, “This week’s austerity Budget will have ramifications for the whole market, and the four-month wait for details to emerge from the spending review will do little to improve the general ‘feel bad factor’ that is beginning to impinge on the market.”
Two reports on the property market indicate that dealings in property may not be harmonized by the government’s pledges.
One report, released on June 28 by the Land Registry, the government department that aims to maintain an effective land registration system; the other by Savills, a global real estate provider, was released earlier in June.
The split between the “haves” in and around London still stand out from the “have-nots” in the north of England, according to figures as recent as May.
With all 10 regions in England and Wales experiencing increases in their average property values over the last 12 months, it was still London that had the highest annual price change with an increase of 14.2 percent.
The region with the smallest annual price rise was the North East with a movement of 1.8 percent.
In April, Wales was Britain’s most affordable region - with the average home prices at £128,600.
In Savills research, house owners in the City of Westminster own, on average, 71 percent of their property. In County Durham it is less than 25 percent. House prices there have fallen 18.5 percent since 2007.
The Savills data considered types of property in an area, length of stay, types of tenure, house price tags, rates of house price growth, and income levels. A conclusion to be drawn from its information is that availability of mortgage finance has been crucial to home-ownership and area affluence.
Despite the restructuring of help with regional aid, transport, Capital Gains Tax (CGT), Value Added Tax (VAT) on newbuild homes, possible exemptions of stamp duty for first-time buyers, and other measures, the coalition’s Emergency Budget may still not be enough to close the rift in the regional divides of the property market.
Yolande Barnes, Head of Residential Research said on the Savills website, “This week’s austerity Budget will have ramifications for the whole market, and the four-month wait for details to emerge from the spending review will do little to improve the general ‘feel bad factor’ that is beginning to impinge on the market.”
Friends Read Free