September 2019 Property Surveying market fact file

Welcome to the September 2019 Property Surveying market fact file – a round-up of the latest property market news, collating survey data, statistics, trends and information about the property market. (All figures below are the most recently available data.)

UK House Price Index
Data source: Land Registry

UK average house price = £232,710,  0.5% change in the month, 0.7% up in the year. Monthly index (where January 2015 = 100) is 122.1

The region with the strongest house price growth was Wales at 4.2% in the year to July 2019 while the lowest house price growth was in the North East of England at -2.9% over the same period.

New buyer enquiries saw a modest increase but newly agreed house sales fell slightly in the month. The number of residential property transactions was -12.4% lower than a year ago and fell -8.5% between June and July 2019.

Halifax
UK average house price = £233,541, up 0.3% in the month,  0.1% in the quarter, 1.8% in the year.

August’s house price figures reflected the flat trend of the last six months and average prices are much the same as March 2019.

Buyers and sellers remain cautious due to economic uncertainty but the housing market does seem resilient for the time being.

Lack of available property is still the biggest driver of prices and housing market activity.

Rightmove
England and Wales average house asking price = £304,770, down -0.2% in the month up 0.2% in the year.

The ‘autumn bounce’ has not yet materialised, possibly due to ongoing political uncertainty.

The availability of property coming onto the market has slowed down from a year ago by -7.8% in the month.

Nationwide
UK average house price = £216,096, 0.0% change in the month and up 0.6% in the year.

Mixed signals from the property market as surveyors report a small increase in the number of home buyer enquiries while the number of property transactions has fallen. Mortgage approvals remain stable.

The report looks at the impact on house prices of transport links in major cities.

LSL / Acadata
Average England and Wales house price = £299,596,  down -0.1% in the month, 0.0% change in the year.

An increase in the average house price in England and Wales over the last twelve months of just £32 shows that house prices are static and out of kilter with consumer price inflation.

The annual rate of house price growth both including and excluding London and the South East has merged, meaning London is no longer affecting national house price averages.

HM Revenue & Customs
The provisional number of UK residential property transaction completions (over £40,000) for July 2019 was 86,630, representing a decrease of -8.5% between June-July 2019, and the seasonally adjusted figure is -12.4% lower than July 2018.

The number of non-residential property transactions increased by 2.8% between June-July 2019. This is -5.8% lower than July 2018.

Land Registry Price Paid Data
Overall 93,545 residential sales were received for registration in July. The most expensive residential property sale was in the Borough of Kensington & Chelsea, London, which sold for £10,450,000. There were 687 residential property sales valued at £1m or more in England and Wales,390 of which were in Greater London.

The cheapest residential sale was a property in Burnley, which sold for £18,000.

The sale of newly built sales represented an increase of 15.3% on July 2018.

REGIONAL HOUSE PRICES

UK HPI Regional figures (all percentages are positive unless indicated otherwise)
July 2019 Average price GBP Monthly change Annual change
England £248,837 0.5% 0.3%
Northern Ireland (Quarter 2 – 2019) £136,767 0.8% 3.5%
Scotland £153,968 0.7% 1.4%
Wales £165,303 1.0% 4.2%
East Midlands £194,798 0.3% 1.9%
East of England £292,444 0.1% -0.5%
London £477,813 1.0% -1.4%
North East £127,466 -2.1% -2.9%
North West £166,022 1.0% 2.3%
South East £320,454 -0.7% -2.0%
South West £258,602 1.2% 0.7%
West Midlands £199,802 1.2% 1.8%
Yorkshire and The Humber £167,181 1.9% 3.2%

UK HPI Average monthly price by property type

Property type July 2019 GBP July 2018 GBP Difference
Detached £351,678 £350,350 0.4%
Semi-detached £220,387 £217,959 1.1%
Terraced £189,638 £187,485 1.1%
Flat or maisonette £205,537 £206,118 -0.3%
All £232,710 £231,187 0.7%

Rightmove regional figures

September 2019 Average price GBP Monthly change % Annual change %
Greater London 603,855 -2.2 -2.1
South East 400,897 -0.1 -1.1
South West 310,381 1.1 2.1
East of England 351,112 -0.3 0.3
West Midlands 229,584 0.3 1.9
East Midlands 229,178 0.8 2.0
North West 198,773 -0.3 3.5
Wales 200,372 -0.4 3.1
Yorkshire & Humberside 196,360 0.5 3.2
North East 153,172 0.3 3.4

Nationwide regional figures

Q2: 3 months to June 2019 Average Price (£) GBP Annual % change (this quarter) Annual % change (previous quarter)
N Ireland £143,343 5.2% 3.3%
North West £162,410 1.2% 2.9%
East Midlands £185,123 2.0% 2.6%
West Midlands £193,454 2.6% 2.5%
Scotland £148,783 0.4% 2.4%
Yorkshire & Humber £159,780 3.0% 2.1%
East Anglia £229,022 1.4% 1.7%
Wales £160,407 4.2% 0.9%
North £129,557 1.8% 0.8%
South West £245,767 1.1% 0.5%
Outer South East £277,227 -1.6% -1.1%
Outer Met £358,850 -1.8% -2.0%
London £465,722 -0.7% -3.8%
UK £215,910 0/6% 0.4%

Focus on London – Best and Worst (-) annual performers according to:

Rightmove September 2019 Average Price (£) GBP Monthly change Annual change
Southwark 654,779 0.9% 3.9%
Newham 418,290 -0.2% 2.1%
Camden 942,126 -4.1% -4.9%
Merton 605,020 1.4% -5.7%
LCL Acadata July 2019 Average Price (£) GBP Monthly change Annual change
Camden 1,099,031 0.4% 6.1%
Barnet 637,391 2.4% 5.6%
Hammersmith & Fulham 844,046 -1.8% -11.8%
Lambeth 552,653 0.4% -13.9%

RICS Survey Overview

The RICS Residential Market Survey for August 2019 reported further property market uncertainty due to Brexit followed by a likely increase in consumer confidence with a more stable trend over the next twelve months.

Most areas reported a flat or negative trend in newly agreed house sales in August, with the weakest momentum in the South West and East Midlands.

There was increased tenant demand for the eighth successive month although landlord instructions remain in the decline it has seen since 2016.

Rightmove.co.uk is the UK’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 £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. © 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 of 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 October.

Back to September 2019 Newsletter

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