October 2019 Property Surveying market fact file

Welcome to the October 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 = £234,853,  0.8% change in the month, 1.3% up in the year. Monthly index (where January 2015 = 100) is 123.2

Wales saw the highest increase in house price growth in August which was up by 4.5% in the year from 3.8% in the year to July. London recorded the lowest level, with a fall in prices of -1.4% in the year.

A flat trend nationally reflected deteriorating demand and supply of houses.

Halifax
UK average house price = £232,574, down -0.4% in the month, up 0.4% in the quarter, 1.1% in the year.

September’s house price index a continuation of the slow growth during 2019, which is now at the lowest level of growth since April 2013. The current economic climate is likely to prolong this uncertainty.

Rightmove
England and Wales average house asking price = £305,500, down -1.0% in the month up 1.2% in the year.

Still no sign of the ‘autumn bounce’ due to ongoing political uncertainty. The number of agreed house sales dropped by -5.5% on a year ago, as opposed to an increase of 6.1% last month.

The number of available properties on the market fell by -7.8% compared to a year ago.

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 August 2019 was 99,890, representing an increase of 15.8% between July-August 2019, and the seasonally adjusted figure is -0.9% lower than August 2018.

The number of non-residential property transactions increased by 29.0% between July-August 2019. This is 8.7% higher than August 2018.

Land Registry Price Paid Data
Overall 93,574 residential sales were received for registration in August. The most expensive residential property sale was in the City of Westminster, London, which sold for £16,000,000. There were 743 residential property sales valued at £1m or more in England and Wales, 410 of which were in Greater London.

The cheapest residential sale was a property in St Helens, Merseyside, which sold for £18,500.

The sale of newly built sales represented an increase of 7.9% on August 2018.

REGIONAL HOUSE PRICES

UK HPI Regional figures (all percentages are positive unless indicated otherwise)
August 2019 Average price GBP Monthly change Annual change
England £251,233 0.8% 1.1%
Northern Ireland (Quarter 2 – 2019) £136,767 0.8% 3.5%
Scotland £154,549 0.3% 1.6%
Wales £168,318 2.3% 4.5%
East Midlands £197,682 1.8% 2.6%
East of England £294,192 0.3% 0.1%
London £472,753 -1.3% -1.4%
North East £134,736 3.1% 3.3%
North West £168,221 1.3% 3.1%
South East £326,232 0.8% -0.6%
South West £260,901 0.7% 0.9%
West Midlands £201,510 1.5% 2.4%
Yorkshire and The Humber £165,767 0.2% 1.0%

UK HPI Average monthly price by property type

Property type August 2019 GBP August 2018 GBP Difference
Detached £360,661 £350,964 2.8%
Semi-detached £223,275 £218,970 2.0%
Terraced £190,614 £187,871 1.5%
Flat or maisonette £203,452 £207,243 -1.8%
All £234,853 £231,898 1.3%

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

Q3: 3 months to September 2019 Average Price (£) GBP Annual % change (this quarter) Annual % change (previous quarter)
N Ireland £144,053 3.4% 5.2%
North West 166,597 2.5% 1.2%
East Midlands £187,212 0.4% 2.0%
West Midlands £194,549 2.1% 2.6%
Scotland £150,410 0.8% 0.4%
Yorkshire & Humber £160,432 0.1% 3.0%
East Anglia £232,587 1.7% 1.4%
Wales £159,355 2.9% 4.2%
North £127,570 2.0% 1.8%
South West £246,658 0.5% 1.1%
Outer South East £278,134 -0.6% -1.6%
Outer Met £358,833 -1.5% -1.8%
London £460,686 -1.7% -0.7%
UK £216,805 0.3% 0.6%

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 September 2019 reported a subdued housing market, with both buyer demand and housing supply in negative figures.

Despite this, house prices are still expected to rise over the next year, although there is unlikely to be much change in the next three months.

RICS warned that the economic effects on the housing market will be reflected on the wider economy, with reduced spending on furniture, fittings and appliances.

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 November.

Back to October 2019 Newsletter

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