Property Bubble. What Property Bubble?
There has been a lot written lately about the property market and the concern that the housing market is overheating. Recent comments made by the treasury and top economists appear to suggest that we are not in the grip of a property bubble and that figures have been skewed because of the housing market. If you take London out of the equation the rest of Britain is far from overheating according to the experts.
Prices in London have risen sharply in recent years and are well past their peak of 2007. Currently the average price of a property in London stands at £438,000. This is well above the figure of £340,000 of 2007. Figures suggest that two-thirds of buyers in London have cash funds and two-thirds of those are to foreign buyers. Someare sending their sales staff over to to sell whole developments before a brick is even laid which is fueling the in London
Outside of London it is a very different picture. Norther Ireland has not really seen any recovery from the highs of 2007 when the average price for a property was £249,000. The average price of a property now stands at £132,000. This is a slight increase on the figure of £125,000 of a year ago. There is hardly a property boom here. Also inprices have edged up only marginally where the average price is £184,000. This is slightly up from an average price of £185,000 in 2007.
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