Well it’s National Trivia Day on 4th January. Being in the property industry we thought it might be appropriate to make a few comments although appreciate it’s probably been heard before and is probably tediously boring for some. Well so be it!
According to various reports Southend recorded the biggest rise in house prices among major UK towns and cities in 2012 according to Halifax. It further pointed out that, based on its own house price data, the average selling price was 14.8% higher than in the previous year, increasing from £172,782 in 2011 to £198,418 in 2012.
The report highlighted that apparently prices were up 2.1% on average across the whole of Essex so that would also suggest therefore that some areas took a bit of a pounding!
Other areas that saw significant property price rises tended to be in the south-east and within commuting distance of the capital. Indeed six of the ten towns recording the strongest price rises in 2012 were in the South East, whilst the biggest declines in prices were outside the south.
This doesn’t necessarily follow in the commercial property markets although it’s fair to say that central London with some suburbs of the capital outperformed all other areas of the UK. For the area that Barker Storey Matthews operate in, Cambridge offices are the most expensive for prime buildings although the market was not, shall we say, red hot! The Peterborough office market performed well with take up at its highest level for probably five years but the Huntingdon market remained subdued. The industrial property market remained problematic although there is now a shortage of large warehouse buildings across Cambridgeshire and East Anglia as a whole, an issue that will not go away whilst empty rates are charged on buildings whether occupied or not – leading to a lack of activity on the development process.