Property prices in the UK regions

publication date: Aug 20, 2014
 | 
author/source: Kate Faulkner, Property Expert and Author of Which? Property Books
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UK regional property prices, what's the scoop?


I’ve taken a look at the latest property price reports, using data from various sources including Natiowide and the Land Registry to help everyone understand what’s really happening.


Regional averages - Scotland, Northern Ireland, England and Wales
Regional Averages

*Ros.gov Data (Jun 14) **Bank of Ireland Data (Q2 14). Please note ‘country’ figures cannot be compared

Download the full report for August 2014

Scotland
Acadata’s Scottish index suggests average house prices are steadily rising, with house sales levels decreasing slightly. Donald MacLellan, Chairman of Walker Fraser Steele Chartered Surveyors, part of LSL Property Services, comments: “The view of the housing market recovery in Scotland is dependent on whether it is looked at through average prices or current volumes. Growth has been established across the country, with 87% of the local authority areas in Scotland enjoying annual average house price rises. Overall, house prices in Scotland have risen 4.3% (equal to £6,750) in the past year. In May, a new record house price was reached in Aberdeenshire, taking the cost of an average home to £224,803.

The only fly in the ointment is a decline in total house sales, dropping 3% from April to May 2014. This goes against the historic seasonal trend for this time of year, suggesting that tighter regulations under the Mortgage Market Review have temporarily slowed housing transactions. But with recurrent indications that interest rates will rise before the year is out, new record property prices being set, potential buyers may also be taking heed of caution and delaying purchase decisions until they can be clear what the future holds.”

Wales
Although the Welsh property market is slowly showing signs of improvement, with year on year prices increasing by just under 3%, prices remain some way off the height of the market, currently standing at -17% down on 2007/08.


Northern Ireland
Over recent months, there have been some improvements with property prices in Northern Ireland, with a 6.8% increase year on year, but prices are still -44% lower than the height of the market in 2007/08. Whilst this is tough for sellers who purchased their properties around five or six years ago, for potential purchasers looking at getting on the property ladder or invest, now may well be the time to start looking.


Download the full report for August 2014

English Regional Averages from the Land Registry

  • London is still the only region to have exceeded the previous high of 2007/8
  • The South East has now reached its previous high.
  • The East and West Midlands, South West and the East are improving, but are still down against the 2007/8 high by between 3% and 13%.
  • The North East, North West and Yorkshire and Humber property prices remain between 18% and 24% below 2007/8 heights.


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