House price index
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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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Latest property news
Latest Land Registry figures show rising prices but subdued volumes
The official House Price Index for August has been published by the Land Registry and it gives a detailed analysis of the UK property market for the second full month of data following the Brexit vote. It’s a mixed picture to put it mildly with strong price growth but transaction volumes that are far behind those recorded during previous years. Prices continue to climb, the Land Registry says, rising by 1.3% since July and by 8.4% across the UK to an average of £218,964, although they fell in Wales by 0.6%. and by 0.2% in the North East. The strongest, double-digit growth in prices during August took place in London, the South East and the East of England, while demand for new build properties pushed up prices by a staggering 13.6% during august and by 26.4% year-on-year. But the HPI reveals a much less rosy picture for property sales. The number of transactions in England is down by 32.2% in England, 27.1% in Wales and 46.7% in London, the report says. “Housing market indicators for August suggested a period of relative stability during the month,” it says. “Although demand and supply was broadly unchanged compared to the previous month, the…
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Latest property news
House price index: April 2016
A new House Price Index (HPI) has been launched by the Office for National Statistics (ONS) which replaces the previous House Price Indices separately published by ONS and Land Registry.
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