Property Prices in the South
The south of England can be a very expensive place, compared to the North of England, mainly because of London and the fact that anywhere in the South is fairly close to the capital and has an easy way of transport there. Because of this, property prices (especially in the south) can be very expensive, and have risen in the last couple years.
However, this is also due to other factors such as the recent completion of Brexit. As before, there was such an uncertainty on whether Brexit was going too go ahead, or if it was just a plan that was never going to be put in place. This also caused a lot of uncertainty in the property market, as people didn’t know whether to buy or whether to sell. No one could predict how Brexit would affect the property market.
Another factor towards rising property prices is that wages have been increased in recent times, and the National Mininum Wage has been slowly increasing. Since 2018, as an example, the minimum wage for 18-20 year olds has increased from £5.60-£6.15. This may not seem like a lot, however if you take into consideration that the average worker works around 150 hours a week, that is an increase of £85.25 every month for all 18-20 year olds. That is a lot of extra money being earned and added into the economy.
As more money will be added into the economy, this also means that inflation has to happen, and prices of goods and services increase too. Property prices also increase, because now there is more capital being earned, so people have to pay more to live (food prices increase, property prices increase etc…).
If you would like to know more or reach our for any advice on the property market and prices, then contact us on our details below!
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