Property prices in the UK have hit their highest average on record in the third quarter of the year, but they have started to cool off after months of quick growth, according to the latest report released this week by Move With Us.
The company’s latest report shows that the average price of residential property in the UK came in at £265,545 in the September quarter, which is a record high. However, throughout this three-month period, average prices climbed by just 0.85 per cent, which represents a slowing rate of growth when compared to the last few months.
“The last three months have signalled a shift from the first half of the year, with average asking prices stabilising in most British regions after months of consecutive growth,” said Robin King, director of Move With Us.
“However, this didn’t stop prices hitting the highest figure on record with an average asking price £265,545 for Great Britain.”
This change in fortunes for the residential property market suggests that it is starting to edge towards a maturity, which should protect against any volatility in the future. It comes just days after it was reported that the commercial market is seeing the same fortunes with values having moderated in the third quarter.
And strangely, it was the UK’s regional areas that actually saw the best growth in quarter three, with prices in London being somewhat subdued during this period. According to Move With Us, the capital was only the fourth best performing area in terms of growth in the three-month period.
London’s 1.03 per cent growth was behind the likes of the East Midlands, which welcomed the strongest growth in the quarter at 1.36 per cent. For investors, now may well be the time to buy with prices starting to slow, as they are expected to rise again in 2015 when the general election is out of the way.