UK Housing Market Bubbly
The latest figuresfrom Nationwide building society showed the average house increased by 2,000 in the past month. The 0.9% increase since August means the average home now costs 172,127 and house prices are up 5% in the past year. It said all 13 regions in the UK saw an uptick in prices, the first time this has happened since 2007. The first part of the scheme was launched in April and sees the government help with the purchase of new-build properties up to the value of 600,000. Buyers need to provide a 5% deposit and the government provides a further 20% interest-free loan up to 120,000. The loan is interest-free for five years and after that a 1.75% annual fee will kick in, which will increase by 1% over inflation each property management jobs in maryland year.
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For example, the John D Wood & Co. indices are showing the largest price rises over the last year have been outer prime London. The indices, which use transactional data from the point of exchange from all leading estate agents, show that the biggest price gains have been in Primrose Hill where values rose by over 40%, Wandsworth where prices are up 36% and Battersea which has seen a 28% gain. Prices have continued to rise across prime central London properties in 2013, but have not seen the dramatic gains of its neighbors. Flats have out performed houses with rises of 13% in Belgravia, 10% in Chelsea and 5% in Kensington and Holland Park.
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