house prices
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Housing Market
House prices stable as transactions dip
The latest house price data from the Land Registry shows that house prices in England and Wales remained stable on a monthly basis, despite figures from HM Revenue and Customs (HMRC) revealing that there was a drop in transactions. Although prices remained flat overall on a monthly basis, there were parts of England and Wales that saw rises, led by London where the average price of a home appreciated by 0.7 per cent month-on-month. On an annual basis, the Land Registry data revealed that prices rose by an average of 4.6 per cent in the year to May 2015 to £179,696. Again, London led the surge, with prices in the capital increasing by 9.1 per cent year-on-year. “Land Registry data shows that house prices are continuing to march upwards with London and the South East seeing the greatest annual growth,” said Brian Murphy (left), Head of Lending at Mortgage Advice Bureau (MAB). “The trend is not deterring homebuyers, as mortgage approvals are also at their highest since the Mortgage Market Review (MMR) was implemented according to the British Bankers’ Association (BBA). But it does mean that the average borrower is taking out a bigger loan than at any point since…
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Housing Market
Transactions fall across England and Wales
The number of residential property transactions in the three months to January fell by 18 per cent at an average of 71,090 a month compared to the corresponding period a year earlier, the latest figures from the Land Registry show. The data also reveals that the average price of a home in England and Wales dropped by 0.8 per cent in March, following several months of slowing activity. The figures, which are based on sold prices, put the average price of a property at £178,007, 5.3 per cent higher than in March last year. The month-on-month decline in property prices reflects the fact that inquiries from prospective homebuyers has fallen in recent months, while mortgage lending has dropped. Despite the overall decline in prices, two regions, London and the south east of England, did record month-on-month price increases of 0.8 and 0.2 per cent respectively. In contrast, the north east of England witnessed a 4 per cent fall. On an annual basis, double digit price increases continued to be recorded in London and the south east, but growth was far more modest in other regions, while in the north east prices fell by 2.9 per cent year-on-year. The highest property…
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Housing Market
Political leaders vow to tackle housing crisis
High residential property prices are the single biggest concern among home-hunters, a new Rightmove survey reveals. The latest data from the property portal shows that asking prices for homes on sale in England and Wales hit an all-time of £288,133, on average, in the month to early April, pushed up by a drop in the number of properties on the market, creating a lack of choice in the market, which incidentally, is the second biggest concern for house-hunters. Miles Shipside (right), Rightmove Director and Housing Market Analyst, commented, “April’s Rightmove House Price Index reported an all-time high in asking prices this week of £286,133, setting an interesting challenge for political leaders. Failure to meet house-building targets since the eighties, nineties and noughties to match forecast housing demand has been a major factor in upwards price pressure both in the property sales and private rented sectors. “ As the cost of housing is a key concern for many home-hunters Rightmove asked David Cameron, Ed Miliband and Nick Clegg for their proposed solutions to make more affordable homes available, and what else they would do to try and solve the UK’s housing problems. Here are extracts from the interviews with the three…
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Uncategorised
Housing stock at an all time low
Designs on Property tracks and summarises the monthly property indices. Kate Faulkner says, “Too many agents are chasing too few properties… so who will survive the fall out?”
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Features
Home… and away
If you think the UK is lagging behind other countries with its new build programme... you are right, says Andrea Kirkby.
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Mentoring
Get ready for the challenges ahead
"I’ve started to witness a slowing in general sales activity over the past few weeks. I recognise that we need to sharpen our approach – what areas should I concentrate on first?"
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