UK House prices have risen, suggesting that the market has stabilised following a few uncertain months after the UK’s vote to leave the EU. Growth of 7.7% took the average UK house price to £218,000.
Data from ONS shows house prices are continuing to grow month by month, with the changes to stamp duty and the Brexit vote not resulting in a decline in average prices.
An emerging trend is a reducing volume of sales. Current transaction volumes are lower than in 2014, 2015 and the start of 2016, suggesting a degree of caution and uncertainty in the market.
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A famous London court house has been purchased for an undisclosed sum by Doha based Business Trading Company (BTC) for conversion into a £125m ($156 million) unique luxury hotel. The acquisition follows a number of Qatari purchases of high end, luxury property in London such as Harrods, The Shard, Chelsea Barracks and the former US Embassy Building.
The Grade II listed building was constructed in 1881, and was once the home of the Bow Street Runners, London’s first professional police force. Infamous British names to be tried at the court include Oscar Wilde, the Kray brothers and, more recently, radical Islamic cleric Abu Hamza Al Masri.
The court ceased legal operations in 2006 and was later granted planning permission to be turned into a 100 bedroom hotel, with some rooms in the old cells.
Mehdi Ghalaie, managing director of BTC UK, told UK media that the company would work with conservation trust English Heritage, Westminster City Council and the Metropolitan Police to build a “world class boutique hotel that befits the history of this landmark building”.
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House prices are heading for a boom in the next 5 years with prices set to rise by £50,000 in certain areas of the UK.
House price values across the country are set to rise by 13 percent by the end of 2021 from £214,000 to £241,900.
Home owners in the south east of UK are in for a massive gain with a forecast rise of £53,200 from their current value of £313,000 to £366,200.
Although forecast rises are lower comparatively to the prices of the country during the last 5 years from 2011 to 2016, house prices across the UK rose £47,900.
Which is notably the highest percentage increase in house prices in the east.
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