The price among houses in the United Kingdom has experienced the slowest growth in the last nine years this April. This means that other housing refinements and furniture like bathroom furniture, living room fixture as well as bedroom furniture will also be affected. The prices among London housing projects have weakened amid the unfounded fears of an election victory for Labour.
The Office for the National Statistics disclosed to the public that housing prices rose at a yearly rate of about 5.5 percent last April in contrast to a 9.6 percent last March. This reported slowdown was the biggest since the April 2006 statistics.
The cause of the weakening in housing prices
The main cause of the overall weakening of housing prices in the United Kingdom is the significant weakening of the property prices in London. The prices of houses in London grew slower than the average of United Kingdom for the first time ever since 2006. According to market analysts, both buyers and sellers in greater London were concerned before the May election regarding the Labour proposals for the mansion tax.
The Office of National Statistics said that the figures for the month of April continued the weakening of prices trend. This trend started last September 2014 when the inflation in housing prices was as much as 12 percent. The overall housing prices increased slowly in the United Kingdom aside from Northern Ireland. The annual growth in Northern Ireland remained to strengthen as it rose from 7.5 percent to 8.8 percent.
In England, the yearly growth slowed down from 9.4 percent in March to only 5.8 percent in April. In Wales however, the price rose by 1.3 percent from a growth of 5.7 percent. Scotland experienced the greatest slowdown where the growth was only at 2.2 percent compared to a 14.6 percent last March.
The Office of National Statistics said that the United Kingdom housing market has showed signs of slowing down April of this year. In its report, the ONS did not mention anything about the election in the analysis of the figures. However, it said a positive news for the entire UK economy would support the house prices.