Average U.K. house prices in October were up 2.5% year-over-year, according to Knight Frank’s latest U.K. Residential Market Update released Friday.
Average values in prime central London edged up 0.1% in October, according to the report from the British real estate agency, taking the annual change in prices in the capital to -3.6%.
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Residential price growth in London has been lagging behind the rest of the U.K. as potential buyers bide their time post-Brexit, but the market seems to be on the road to recovery.
In a sign that price falls have bottomed out, this was the most modest rate of decline seen in a year, Knight Frank said, pointing also to an increase in activity, with both transaction levels and viewings in London rising year-on-year.
Things were rosier in the prime country market, where sales volumes were 7% higher in the first 10 months of 2017 compared with the previous year, according to Knight Frank. But prices in the third quarter of 2017 were flat, with just a 0.2% rise compared to last year.
Though prime Scottish country house prices rose by 0.2% between July and September, the annual price change totals -0.3%. Edinburgh was an exception, with annual price growth rising to 4.5%, its highest level in three years, the report said.
The U.K. government’s Office for National Statisticsvalued theaverage house price in the nationat £226,367 (US$297,051).
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In fact, properties in Edinburgh, along with those in Glasgow, have the fastest sale time in the U.K., according to another report, by Post Office Money and the Centre for Economics and Business Research.
Sales in the Scottish cities average 41 and 50 days, respectively. Properties in London, Liverpool and Belfast take the longest time to sell, 111, 112 and 119 respectively.
The average U.K. home takes 96 days to sell, the report said.