According to a new report from Carter Jonas, housing prices have continued to slowly increase across the UK. But the residential market has now become it’s most inconsistent within many years.
The new report put together by Carter Jonas, looks at the housing market performance across the countries and conveys the differences between regions.
There were declines in housing price growth of 0.4% in the South East and 1.9% in London. Whereas the highest recorded annual house growth was within the Yorkshire and Humberside region, as they grew by 3.6%. This was followed by a 3.4% growth within the West Midlands, and a 3% growth in Wales.
Within the rental market, it is proving to become more buoyant as the report also stated that across the UK there has been an average increase of 1.2%. However, even with a steady growth on the cards, landlords are still trying to leave the market.
The report states that throughout housing price and the falling of wages, statistics are continuously showing a juxtaposition. This has led to the ongoing flux of buyers comparing buying in other areas within different regions to get properties for better value for money.
Also, the reports states that the buy to let housing market has continued to contract. In the first three months of 2019, only 15,200 mortgages were approved, compared to the first quarter of 2018, this figure is 7% fewer. As well, the 2019 figure is 17% fewer of the year 2017.
On the other hand, renting within the UK has increased to an average of 1.2%. This is with East Midlands having the highest growth of 2.1% and London having a low growth of 0.5%.
But the Carter Jonas report does also point out information regarding the Government’s legislative implementation on controlling and dealing with agents and landlords. This in turn has created consequences to the market. From the report, there are indications that landlords are leaving the market and the amount of new landlords entering the market fell this year. Overall, this has resulted in less stock.