The key findings from this morning’s announcement are that average house price in England & Wales are now £177,299, compared with a peak of £181,324 in November 2007. London experienced the highest annual increase in property value with a movement of 18.4 per cent. Yorkshire & The Humber saw the lowest annual price growth of 1.4 per cent.
Monthly house prices are down 0.2 per cent since August and there were 863 repossessions in England & Wales during July 2014.
More than 93,350 residential properties in England & Wales lodged for registration in September.
The region in England and Wales which experienced the greatest increase in its average property value over the last 12 months is London with a movement of 18.4 per cent.
Peter Rollings, CEO of Marsh & Parsons, comments:
“House prices rises are flattening on a monthly basis, as growth relaxes after a rousing first half of the year. But considered as a whole, the UK property market is still on an upward trajectory and prices have seen a considerable uplift in the past year. London is still showing healthy annual growth, and the unparalleled draw of living or investing in what many regards as the world’s greatest city gave the property market here a shortcut in the recovery. As a result, the average price of a Prime London home has risen by £163,973 over the past year.
But London’s economy thrives on its global standing as an unbeatable destination both to live and to do business and talk of a ‘mansion tax’ and other populist wealth taxes threatens to erode this reputation. A quarter of all Prime London property purchases are made by overseas and foreign nationality buyers, though the vast majority have chosen to live and work here, adding hugely to the strength and vibrancy of the London economy. The uncertainty surrounding these proposals could shake the foundations of London’s property market as the political rhetoric picks up ahead of May’s general election, and we’d enter dangerous territory which could filter down to all sections of the market if these buyers packed up and turned their attentions elsewhere.”
David Newnes, director of Your Move and Reeds Rains estate agents, comments:
“House prices on average on completed sales across England and Wales experienced ongoing steady growth. Property prices slowed down slightly compared with the previous month, but the annual picture is still stable. There are regional differences with some regions doing better than others. Property prices in London have been steadily marching forward and have experienced the strongest recovery in the UK, whereas areas like the North East and Yorkshire & Humber still have some catching up to do.
“There were 11% more first-time buyer completions than a year ago. These robust figures are in part due to the Help to Buy scheme which has crucially assisted first-time buyers get on to the property ladder. The scheme has made higher LTV lending much more accessible and first-time buyer deposits have fallen by 8%. However, more geographical targeting of the Help to Buy scheme would help rejuvenate struggling areas in the UK, particularly those outside London and the South East. And with many regions still in a delicate balance of recovery, the government should be mindful of heeding any calls to curtail the scheme.”
