The housing market received two pieces of good news today after figures published by both the government and NHBC have revealed increased activity in the market.
This includes strongly-rising house prices outside London and the SE and an increase in the number of new homes built over the past three months.
The government’s Land Registry/ONS monthly report reveals house prices rising by 2.4% year-on-year on average, but by over 4% in many regions including Northern Ireland (4.8%), Scotland (4%), the
East Midlands (4.3%) the North West (4.9%) and Yorkshire/The Humber (4.4%).
“Despite political turmoil, our branches are continuing to experience significant growth on the year in the number registering to buy [which are] up 32% on the year,” says Paul Smith, CEO of Haart (left).
“If the Government can get its act together in the coming weeks we can expect the market to shoot upwards in the New Year.”
Sales volumes have also increased, the ONS says, rising by 5.9% year-on-year. But weak demand within London and the South have dragged down England’s average house price, which at 2.7% grew last month at the slowest rate since July 2013.
“The fact that a correction in prices is unfolding now in London, where prices are highest and there is most competition, will let some pressure out of the market and inject some much-needed new blood into the volume of sales,” says Lucy Pendleton of agency James Pendleton (right).
New homes surge
The number of new homes registered over the past three months has increased, warranty and insurance provider NHBC says.
Some 33,104 new homes were registered between September and November this year, up from 31,146 during the same period last year. The biggest increases in house building were seen in Yorkshire/The Humber, Wales and the South West, which all experienced double-digit growth.