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Rental Rates and House Prices across the UK |
It may be worthwhile to note here that property prices are climbing in the Middle-East (especially Sharjah and Dubai) as well as in some Asian nations. Cities like Shanghai, Jakarta and Pune (India) are a part of this global real estate flux. Meanwhile, the European scene is beginning to falter already, with Spain experiencing a slump. Market analysts all over the UK have similar predictions. The present euphoric state is not here to last. Like all other commodities, house prices too have a margin and, if that is crossed, a certain amount of customer rejection is bound to come.
Regional Price Variations
Prices vary widely across various regions in the UK and, consequently, this has been one of the most researched areas for real estate dealers and buyers, as well as social trend analysts. 2006 saw a buying spree, despite three hikes in interest rates since last August, and three years of rather sluggish growth before that. The ‘hot spots’ for property are almost all in South England, with Edinburgh coming in as a non-English competitor among the top 10 listings. The highest price per square metre remains hogged by London as usual. Coming in second is Oxford, followed by St. Albans and Winchester. Brighton has climbed to fifth position, followed by Bath and Cambridge. Next comes Chicester, followed by Edinburgh. Canterbury completes the list at tenth. Over the past decade, some 62 cities of the UK have seen over 100% hike in property rates. According to the Land Registry authorities, house prices rose by 11.3% in February in London, and dropped by 3.9% in the Wales in the same month. Meanwhile, Northern Ireland has been really coming up, thanks to the political equilibrium, lower level of pollution, availability of larger houses, and opening economy. Terraced and detached houses in this region saw a hike of over 40%, while detached and semi-detached bungalows were the next favourites of the buyers. Most of the investors were going for property where space was a cardinal factor guiding their choice. Scotland has been more or less steady, while the February slump of Wales is its greatest in the past seven years.
The Reasons
Why do people buy like maniacs in some places, and seem to avoid others? The best way to gauge the reasons is to look at the top selling areas.
1. Economic Hub: The industrial cities have always attracted people and continue to do the same. Be it a fortune-seeker from the town or a corporate looking towards further expansion, everyone benefits from the fact that these cities already have well-established infrastructures to support growth, are well-connected, and offer various business, service-oriented options.
2. Climate: Those who can run away from the incessant rain of London wouldn’t think twice. Bath has been an old favourite, and now Brighton is flooded with the similar flock on the lookout for more salubrious climates.
3. Centre of Culture and Education: No prizes for guessing why Oxford is on the list. Cambridge has the added attraction of the ‘Silicon Fen’ now, the English version of the Silicon Valley of the USA. Canterbury has attracted people since the medieval times, and would probably continue to do so.
4. Other Amenities: Just like there will be a town to city flow, there would be an increase in the number of people seeking quieter areas to settle down in peace. There was a time when this lot was made up of pensioners alone. But the nature of business has changed a lot since then, and there are entrepreneurs who are actually looking for slightly smaller cities. The internet has revolutionised the work-from-home concept, and one does not need to stay glued to the streets of Soho to remain updated anymore. In fact, Ireland is coming up in a big way as a near-to-shore outsourcing centre for England. There are companies which can now manage a back office there instead of locating it in the Philippines, China or India.
Rental Rates
Rental rates are still high in the cities, adhering largely to the top ten list. Cambridge and Oxford remain densely rented as usual, and outposts like Northern Ireland do not figure here. Edinburgh and Dublin are two other cities with high rental concentrations.
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Author Info:
James Walsh
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