Every other month we take a detailed look at what the various property price reports are saying abouy the market. As they measure the market at different times and in a variety of ways the numbers aren't always the same! However what we're interested in is the trends in the market that they show.
The Nationwide* reported average property price of £189,388 for November 2014, which is up around 8.5% year on year, when compared to the same time last year.
The Land Registry average price for October 2014 of £177,377, a year on year increase of 7.7%.
The Acadata average property prices in November 2014 are £280,733, which is up 11.4% year on year.
What's happened over the last year?
Average prices’ for mortgaged properties were £162,245 (Jan ’13) vs £189,388 for Nationwide Nov ‘14.
Land Registry’s average sold prices (including some cash sales) started at £161,795 in January 2013 and are now at £177,377 in October, having shown very little change over the last three months (Oct 2014).
Acadata’s average property prices for all properties were £227,478 in Jan 2013 vs £280,733 (Nov 2014).
What's happening to property prices in the different UK regions this month?
Acadata’s Scottish index suggests average house price growth continues to slow up, but with a good level of demand. Christine Campbell, regional managing director of Your Move, part of LSL Property Services, comments: “Following almost a year of fair winds and steadfast price rises, this is the second month in succession to muddy the waters, with average property values in Scotland falling a further 0.4% in September.
“While Scottish house prices have sailed up nearly £8,000 in the last twelve months overall, the rate of annual growth appears to have changed tack, easing back to 5.1% in September from 5.8% in August. Since June, the monthly pace of house price growth has ebbed away, as doubt raged over the future of Scotland within the United Kingdom, and touched the brakes on activity in the housing market.
“September also saw sales snap back after the vote put the lid on uncertainty, and transactions were up 15% year-on-year, compared to only 7% growth over the twelve months to August. After the ground that was lost in August, renewed demand saw more vigorous activity buck the usual seasonal pattern, and this was the strongest September for house sales in seven years.”
The Welsh property market is showing small signs of improvement, with year on year prices increasing by 2%, however, prices continue to remain some way off the height of the market, being -16% down on 2007/08.
Property prices in Northern Ireland have continued to see improvements with a year on year increase of 8.8%, but prices remain -44% lower than the height of the market in 2007/08.
London, the South East and the East are the only regions to have exceeded their previous high of 2007/8.
The South West region is improving, with prices now only -5% off their 2007/08 market high.
The East and West Midlands are slowly improving, but remain down on their market height by -11% and -12% respectively.
The North East, North West and Yorkshire and Humber property prices have some way to go to reach the 2007/08 market high, remaining down between -17% and -25%.
Kate Faulkner’s Market Commentary:
“So we started 2014 with what appeared to be ‘astonishing’ growth. In reality, bar some London Boroughs, this was really property prices recovering to their pre-credit crunch peak. A very different and ‘less scary’ way of looking at house prices. The reality is in many areas across the UK, a property is either similar to what it was worth in 2004/5 – ten years ago – or is a bit higher. London of course continues to see rapid growth, although this is now slowing, but because London prices tend to dominate the news headlines, what’s actually happening in the market versus what people think is happening to property prices is very different. Agents really need to be much more vocal about the reality of property price changes in their market and work closely with local media to inform local consumers better. ”
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