A round-up of the latest property market news, collating survey data, statistics, trends and information about the property market.Â (All figures below are the most recently available data.)
UK House Price Index
Data source: Land Registry
UK average house price = Â£226,351,Â up 0.1% in the month, up 3.0% in the year.Â Monthly index (where January 2015 = 100) is 118.7
May’s 3.0% growth rate is the lowest since July 2013, when it was also 3.0%. The East Midlands saw annual growth of 6.3%, while London fell by -0.4% (the fourth consecutive month of fall for London).
New instructions were positive for the first time in 27 months but sales expectations were flat. The number of residential housing transactions fell by -0.5% compared to the same period in 2017.Â The demand for new build property is stronger than existing property, but are becoming more difficult to sell than a year ago.
In the year to May 2018, detached property increased in value by an average 4.7%, while the price of flats and maisonettes fell by -0.9%. This reflects the fall in London prices, which accounts for 30% of England’s flats and maisonettes.
UK average house price = Â£225,654, up 0.3% in the month, down -0.7% in the quarter, up 1.8% in the year.
The number of mortgage approvals has slowed down in 2018, despite the UK employment market gaining strength, which will ease household financial pressures.
A shortage of properties coming onto the housing market will continue to support house prices. A slight increase in homes for sale was seen in May after falling for 26 successive months, although new buyer enquiries declined.
England and Wales average house asking price = Â£309,191, down -0.1% in the month and up 1.4% in the year.
In July’s report, Rightmove saw an increase in the number of properties coming onto the market of 8.6% compared to the same time last year, although buyer number have not increased and agreed sales were down -0.2% on the same period.
The increase in agent stock (the highest since September 2015) means sellers will have to price competitively. Price reductions were at their highest since 2011, indicated initial over-pricing.
UK average house price = Â£215,444, up 0.5% in the month and 2.0% in the year.
London saw modest price falls of 1.9% in the year for Q2, the only region to see a decline. However, prices remain 50% higher than in 2007, significantly above the average 15% rise across the UK.
The East Midlands performed higher than other English regions, with price increases of 4.4% in the year and, at 4%, Wales was the best performing home nation.
House price growth in June was the lowest for five years, with limited new buyer enquiries and supply of properties for sale.
LSL / Acadata
Average England and Wales house price = Â£303,960,Â -0.2% change in the month, up 2.1% in the year.
Greater London’s annual price growth has accelerated over the last month, driven by the more expensive areas and, without the inclusion of London and the South East, growth in England and Wales would have been 2.0%. However, the West Midland and North East saw the strongest growth.
HM Revenue & Customs
The provisional number of UK residential property transaction completions (>Â£40k) for May 2018 was 99,590, representing an increase of 0.8% between Apr-May 2018, and the seasonally adjusted figure is -0.5% lower than May 2017.Â The number of non-adjusted residential transactions was 12.1% higher than April 2018, and -1.0% lower than May 2017.
The number of non-residential property transactions increased by 2.6% between Apr-May 2018. This is 1.4% higher than May 2017.
Land Registry Price Paid Data
Of the 83,429 residential sales received for registration in May, the most expensive residential property sale was a detached property in the Royal Borough of Kensington and Chelsea, London, which sold for Â£15,750,000. There were 375 residential property sales valued at Â£1m or more in England and Wales, 215 of which were in Greater London.
The cheapest residential sale was a terraced property in Rushden, East Northamptonshire which sold for Â£9,500.
REGIONAL HOUSE PRICES
|UK HPI Regional figures (all percentages are positive unless indicated otherwise)|
|May 2018||Average price GBP||Monthly change||Annual change|
|Northern Ireland (Quarter 1 – 2018)||130,026||0.3||4.2|
|East of England||288,808||0.2||2.4|
|West Midlands Region||192,322||0.2||5.0|
|Yorkshire and The Humber||158,966||1.0||2.9|
UK HPI Average monthly price by property type
|Property type||May 2018 GBP||May 2017 GBP||Difference|
|Flat or maisonette||202,696||202,652||0.0|
Rightmove regional figures
|July 2018||Average price GBP||Monthly changeÂ %||Annual changeÂ %|
|East of England||356,235||-1.1||1.6|
|Yorkshire & Humberside||191,619||-0.6||3.1|
Nationwide regional figures
|July 2018||Average Price (Â£) GBP||Annual % change (this quarter)||Annual % change (previous quarter)|
|Outer South East||281,752||2.5||2.1|
|Yorks & Humberside||155,075||2.1||4.1|
|North of England||127,266||1.6||4.1|
Focus on London -Â Best and Worst (-) annual performers according to:
|Rightmove July 2018||Average Price (Â£)Â GBP||Monthly changeÂ %||Annual changeÂ %|
|Kensington and Chelsea||1,709,527||-0.1||4.1|
|LCL Acadata July 2018||Average Price (Â£) GBP||Monthly change %||Annual change %|
|Kensington & Chelsea||1,889,862||-3.9||4.4|
RICS Survey Overview
The RICS Residential Market Survey for June predicted continuing disappointment in the supply of new homes coming onto the housing market.
‘Newly agreed sales’ data showed a sixteenth successive month of negativity, at -7% and around 3% lower than last year. An improvement in second hand housing stock is key to the efficient functioning of the housing market.
The lettings market saw a reduction of -22% in June, the 21st consecutive month in which the supply of rental property had reduced. Modest rent increases are forecast over the next twelve months, with a 15% increase projected over the next five years.
Rightmove.co.uk is the UKâ€™s leading property website, displaying details of homes for sale or rent to the largest online audience. It is consistently ranked the number one property website in the UK (source: Experian Hitwise). It has around 90% of all properties for sale and at any time displays a stock of over one million properties to buy or rent, worth around Â£270 billion. The Rightmove.co.uk site attracts over 130 million visits from home movers each month with time on site averaging over one billion minutes per month (Rightmove data, 2017).
LSL Acad E&W HPI is derived from Land Registry (LR) house price data, seasonally and mix adjusted by property type. Â© Crown copyright material reproduced with the permission of Land Registry. The prices are smoothed to show underlying trends. LSL Acad E&W HPI includes cash purchase prices and is the only index based upon the complete, factual house price data for England & Wales, as opposed to a sample.
UK HPI: Monthly house price inflation, calculated using data from Land Registry, Registers ofÂ Scotland and Land and Property Services Northern Ireland. This replaces the previous House Price Indices separately published by Office of National Statistics and Land Registry.
All figures within this article are correct at the time of going to press, and are reproduced in good faith. No responsibility will be taken for any decisions taken based on the information contained herein. Always seek professional advice.
Next Monthly Market Fact File due in August 2018.