England and Wales have experienced the largest monthly rise in house prices for this year alone. Based on a previous post by propertywire.com, "Property prices in England and Wales increased taking the average property value to £183,861." There has been a monthly increase of 1.7 percent being experienced in the East of England for the past few months too.
The Land Registry, also showed that the prices in England and Wales rose 4.6 per cent for the year by the end of July. Also, it is down from an annual rate of 5.4 percent just a month earlier as further noted by estateagenttoday.co.uk. In comparison to other areas, the North East had the lowest yearly price increase of merely 0.4 percent. While Wales on the other hand, saw only a monthly price reduction in July. Sales and repossessions during May 2015, show diversity in the completed house sales as well. For instance, in England and Wales, prices decreased by 15 percent to 65,619 compared with 77,488 in the same month of 2014 as further reported by estateagenttoday.co.uk.
It seems that it is the outcome of the economic turmoil that the other places are currently experiencing. According to a recent report by propertywire.com, "If economic turbulence from China pushes back a base rate rise until late 2016, more people capitalize on low mortgage rates to take their first step on the ladder." It is further noted by propertywire.com, that "The Chinese stock market slump may present more of an opportunity than a threat to the London property market as while it's made property more expensive for Chinese buyers." The recent price increase is related to the stock market turmoil. Agreeing to a previous article by propertywire.com, "Deflationary pressure of falling oil prices mean the Bank of England will be in less of a hurry to raise interest rates, which means the cost of borrowing is likely to stay low for a while longer."