Pete Wargent blogspot

CEO AllenWargent Property Buyers, & WargentAdvisory (institutional). 6 x finance author.

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Tuesday, 17 May 2016

Croydon the UK's #1 property hotspot

UK prices set to stall

UK home vendors didn't get the memo, it seems.

UK asking prices rose a little in May, up by +0.4 per cent to an all-time high of £308,151, according to Rightmove.

However, following a big surge in buy-to-let lending through March it seems highly likely that the market will now soften post-crackdown. 

Although it might be expected that in time rents could rise as the rental market tightens, in the short term at least there may be a glut of rental properties thanks to the "rush to let" witnessed in early 2016.

London prices have continued to diverge from the rest of the UK over the past few years. 

Over the past year the strongest price asking gains have been seen in London (+10.8 per cent), and the immediately surrounding East (+10.1 per cent) and South East regions.

Following changes to stamp duty charges, the lower end of the market is now generally expected to do better than the premium end. 

Croydon has become the UK's premier first-time buyer hostpot, with prices up by 18.6 per cent over the year. 

This was predicted on this blog in January 2014, of course.

You can find Rightmove's detailed monthly report here.