Is East Anglia the UK’s New Property Hotspot?
Following increases to Stamp Duty in London, house prices in East Anglia are rising at a faster pace than London. Meanwhile, the rate of growth in the capital slowed in the month of December for what was a fourth consecutive month. Prime areas in the UK such as London and the South East of England seem to have suffered as a result of the stamp duty changes; changes which appear to have hit the most affluent the hardest.
Despite the slowdown in the more luxurious aspect of the marketplace, prices rose across the UK as a whole, with certain areas experiencing greater growth than others.
Prices Rising in East Anglia
East Anglia saw the strongest price rises in November, according to a sentiment survey, which saw 67% of contributors reporting a growth in prices. Royal Institute of Chartered Surveyors members in East Anglia were also the most confident about the outlook for price growth over the coming 12 months.
These dramatically changing trends would almost certainly suggest that East Anglia is set to become the UK’s new property hotspot, at least in the short term.
The news is highly positive for home owners in the region, particularly in terms of the capital gains that they could potentially receive. The Mortgage Centres will be following this development closely and look forward to seeing how stamp duty will affect the East Anglian property market in 2016.
If you would like to discuss your mortgage needs in East Anglia, get in touch with your local Mortgage Centre today. You can call your local branch on the corresponding phone numbers, or use our contact form to begin your enquiry.