In a major boost to the realty market in UK, home sales in England and Wales saw an increase of nearly 5.2 per cent in November in comparison to the corresponding period in 2015. According to property data firm Rightmove, there has been a rise in sales despite Britain’s decision to exit the European Union.
Moreover, property prices are also slated to increase by nearly 2 per cent in 2017, said Rightmove.
“There was a bout of jitters with the unexpected referendum result, albeit now seemingly short-lived, but more may arrive after Article 50 is invoked,” stated Miles Shipside, Rightmove director and housing market analyst.
Meanwhile, British Prime Minister Theresa May said that she will trigger start of formal negotiations with the EU before March end in 2017, based on Article 50 of the bloc’s treaty.
“For the time being any nervousness is being overridden by high demand for the short supply of suitable homes for sale in the lower and middle market in many parts of the country,” Shipside said.
Sales were up in all regions except London in November. The capital’s central area was expected to remain weak with prices falling by a further 5 per cent in 2017 while outer London was expected to match this year’s roughly 3 per cent price rise.
Source: ET Realty