House price index
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Latest property news
Brexit pushes London house prices into freefall
Official ONS figures show a 2% drop during February and a 3.8% year-on-year drop as the capital's buyers hold off until Brexit is solved.
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Latest property news
‘Brexit limbo’ continues except in lively Midlands newbuild housing market, official index reveals
Read how stamp duty and brexit limbo are being blamed for a continuing sluggish housing market around the UK, except in Midlands where prices are rising by 6%.
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Latest property news
It’s official! Land Registry house price index is the most accurate
Research boffins at the Office of National Statistics have given the Land Registry house price index their official stamp of approval.
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Housing Market
Property sales down by nearly 30% in London, claims Land Registry
Although prices are holding steady, property sales across the UK have dropped alarmingly over the past year, particularly in London, says the Land Registry.
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Latest property news
House prices in London continue nosediving as Midlands and North rise
Latest Rightmove House Price Index reveals continued tumult in market as high house price frighten off buyers in London and South, but buyers bid higher elsewhere.
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Latest property news
Strong home mover demand pushes up average asking price by 1.5%
Newly marketed properties in the UK have risen by an average of £4,503 says Rightmove, with prices highest in the first timer and second stepper sectors.
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Latest property news
New Year property market gets off to a roaring start, claims Rightmove
The first weeks of the New Year property market have begun well with increased numbers of buyers looking for homes and asking prices rising, says Rightmove. Its monthly snapshot of the property market reveals that the number of visits to its online listings of sales properties is up 9% so far this month compared to last year. Also, asking prices for newly-listed homes are up 0.7% compared to last year. But Rightmove warns that, despite the rise in interest during the New Year, buyers are extremely wary on price, and that the number of sales agreed during the final three months of last year was down by 5.5% compared to the same period the year before. Rightmove also hints that while in more normal times the current stretched buyer affordability and uncertain political outlook might have seen prices tumbling, a surge in first time buyers following the recent Stamp Duty reductions, plus a lack of supply in the market, is instead pushing prices up. “Considering some of the gales that buffeted the market in the latter part of 2017, these early readings for 2018 show that there is currently a good following wind of search activity,” says Rightmove Director Miles…
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Latest property news
Property sales rising across UK, helped by London
Estate agency chain Your Move says the number of property sales during November increased by 4% year-on-year and that the average price in the UK is £300,859, an increase of 0.9% year-on-year. The company says London has seen some of the most dramatic increases in transactions. Within the two most expensive boroughs of the capital property sales have increased by 28% on average recently (Westminster, Camden) and by 23% within Kensington and Chelsea. “It seems momentum is returning to sales in prime central London,” the company says. Its monthly report on the housing market, which is produced by Cambridge University Economics Fellow Dr Stephen Satchell, also reveals an improving overall picture for the market – the first time the dials have begun to twitch upwards since the EU Referendum vote. The improvement in transaction levels and house prices is being driven by what it calls an “easing” of the problems within the London property market, which has helped drag the rest of the UK’s results downwards in recent months. New Year property sales Your Move,which is owned by corporate giant LSL, also says the company is positive about the New Year because the Chancellor’s recent Stamp Duty and Help to…
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Latest property news
Official house price index highlights sales slide in London and beyond
The total fee slice taken by London estate agents each month dropped by over £20 million between 2015 and 2016, the latest house price index reveals. Today’s figures from the Office of National Statistics (ONS) reveal that the number of completed sales during November 2016 compared to November 2015 fell from 9,800 to 6,400. This, based on an average fee of 1.5%, saw agents’ total revenue for the two Novembers dip from just over £67 million in 2015 to £47 million last year. Completed house sales across England also reduced during the same period, down by 21.2% to 62,500 from 79,300. This reduction in supply is the main driver behind buoyant house price figures, most commentators agree. The figures for completed sales, also released today, show prices rising by 6.2% over the past year. The average price for a property in London is now £490,700 compared to £234,800 in England and £145,900 in Wales, the index says. “With only a week to go until Article 50 is triggered, house prices remain indestructible as the average person is paying £13,000 more to own a home than the same time last year, reflecting the health and buoyancy of the UK economy seen in…
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Latest property news
Property sales level out after summer of slump
The number of property sales in the UK increased by one percent between September and October this year, latest figures from the Office of National Statistics show. But compared to October last year, the volume of house sales dropped by 8% across the UK. London is taking the brunt of the slow down. Sales there fell by 39.3% latest figures from August reveal, while in England volumes dropped by 20.3% compared to the year before. This is an improvement on July’s figures, when house sales were down by 28.1% year-on-year. Wales also experienced lower sales volumes, down by 11.6%. The figures reflect other market indicators including lower levels of lending, fewer first time buyers as well as fewer buy-to-let investors around following the April Stamp Duty change. “As a result of Brexit, earlier this year we found one in five [people] were less likely to sell their home. Now, with a lack of willing buyers, there has clearly been a shift from a seller’s market to a buyer’s market,” says Stephen Jury, Spokesperson for Plentific.com. The Royal Institute of Chartered Surveyors says the supply of homes coming on to the market remains tight, which is helping keep house prices buoyant. The October data for…
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