Although the latest property price surveys show most areas are up year on year, the press are getting far more excited by the rises than the reality. Prices in the North East have actually fallen and only two of the six main property price reports (Acadata and ONS) suggest that prices have even recovered to 2007/8 levels.
In the main, although most areas are up year on year, this doesn’t mean they have recovered to previous heights, so the market still has some way to go before homeowners and investors can cheer and, for first time buyers, properties can still be considered very good value for money.
How do February/March prices compare year on year?
This month’s figures show:-
The Nationwide reported average property price of £180,264 for March 2014 when compared to last year, this is nearly 9% up year on year.
The Land Registry average price for February 2014 of £170,000 which is up just over 4.3% year on year.
Acadata reported average property prices in February 2014 are £257,951, up 5.3% year on year
Average property/house prices in England & Wales from Jan 13 – Feb 14*
‘Average property’ prices for mortgaged properties started off at £162,245 in January 2013 and have grown consistently to a height of £180,264 for Nationwide (March 2014).
Land Registry’s average sold prices (including some cash sales) started at £161,795 in January 2013 and have now reached £170,000 (February 2014).
Acadata’s average property prices for all properties started off in January 2013 at £227,478 and have now reached a high of £257,951 (February 2014).
How far away are property prices from the heights achieved in 2007/8?
Whilst we have seen recent improvements in property prices in some areas of the UK, compared to the heights of 2007/08, property prices remain:-
-2% below the height of 2007/08 for Nationwide
-7% below the height of 2007/08 for Land Registry
13% above the height of 2007/08 for Acadata
If you are interested in property prices and looking to make that jump onto the property ladder please come and see me at the First Time Buyer Show on Saturday 10th MAY.
For FREE, independent and up-to-date advice on buying, selling and renting a home, sign up for FREE at Property Checklists. Join now to access our FREE checklists, including:-