Each month we take a look at what the various property price indices are saying. Not all the reports use the same method of measurement which is why some indices produce higher averages than others! However they still give us an idea of trends which is the important thing!
Kate's comments on the property price report headlines
“All the reports show a slowdown, bar a surprisingly upbeat headline from Home.co.uk. It’s not unusual to see the market slow down towards Christmas time, and we know we are at the end of the pent up demand from the recession as well as MMR making it a more arduous process to secure the finances to buy.”
Actual report headlines
It is worth noting that national average house prices can sometimes throw potential buyers a bit. Therefore it's important to look at the average for where you are looking to purchase as London averages are a lot higher than those is Hartlepool.
Kate's comments on regional price differences
“Regionally there is a bit of a mixed view at the moment. Some reports, such as the RICS and Land Registry, are suggesting prices are still on the up in most places, whilst Acadata and Home.co.uk are both suggesting prices aren’t just being held back in London, but some regions having seen increases this year, are now falling back. This is good news for buyers as it suggests the huge rises of 20-30% year on year we have seen over the last 18 months won’t be replicated regionally. However, it also puts some sellers in a tricky situation if it means they struggle to climb out of negative equity.”
Here's what the various indices are saying about regional variations
Home.co.uk “Home prices rose by 0.2% across England and Wales during the last month, but this was due almost entirely to the rise in Greater London. Elsewhere in mainland UK, Scotland, Yorkshire, Wales, the North West and the North East all registered falls this month.”
“The worst performing region over the last six months has been the North East. A fall of 0.9% since May is a very poor performance for what has been the best year for UK property prices since the onset of the financial crisis. Wales, the North West and Scotland are not much better and only just managed to keep in positive territory. Within those areas, it is only the more upmarket locations that are supporting the regional averages. (Nov 14)”
RICS “Within England and Wales, all regions included in the survey are still recording price growth with the exception of London, and the market in Northern Ireland, having been on its knees between mid-2007 and mid-2013 - is enjoying something of a renaissance. (Oct 14)”
Acadata “This month, six regions are showing a decrease in their averaged annual rate of change compared to the previous month. Compared to other regions, Greater London has the largest fall in its annual rate of price change, but this still leaves it with the highest rate of house price inflation. This month there are three regions recording peak average house prices, being the South West, the South East and Greater London, with East Anglia having dropped out from this set, as prices fell during the month. (Oct 14)”
Land Registry “The region with the most significant annual price increase is London with a movement of 18.6 per cent. Wales saw the lowest annual price growth with a movement of 2.0 per cent. The East experienced the greatest monthly price rise with a movement of 1.6 per cent. The North East saw the largest monthly decrease with a fall of 2.7 per cent. (Oct 14)”
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