November 2019 Property Surveying market fact file

Welcome to the November 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 = £234,370,  -0.2% change in the month, 1.3% up in the year. Monthly index (where January 2015 = 100) is 123.0

Lowest annual house price growth was in London, at -0.4% in the year to September 2019. The East of England was second lowest at -0.2% over the year.

A slight decline in buyer demand was marked by fewer new buyer enquiries and new instructions.

Halifax
UK average house price = £232,249, down -0.1% in the month, up 0.2% in the quarter, 0.9% in the year.

October saw a slight slow down in house price growth which continues a flat trend over recent months. Consumer caution continues to hold back more positive factors such as mortgage affordability and wage growth.

Rightmove

England and Wales average house asking price = £306,712, up 0.6% in the month down -0.2% in the year.

The property market has seen its lowest ‘autumn bounce’ since October 2008. Compared to a year ago, there are -13.5% home sellers, although the number of agreed sales is similar to a year ago at -0.5%. There is a higher chance of property sales going through to completion, with the number of sales that have fallen through this year falling to the lowest since 2015.

Nationwide

UK average house price = £215,368, 0.2% change in the month and 0.4% increase in the year.

October was the eleventh successive month recording annual house price growth below 1%. Over the last year, average prices have increased by around £800 compared to increases of £9,100 in October 2016.

LSL / Acadata
Average England and Wales house price = £299,047,  0.0% change in the month, down -0.4% in the year.

The average annual house price over the last twelve months has fallen -£1,100 (-0.4%), the eighth successive negative month this year. However, if London and the South East are excluded from this data, house prices in England and Wales have been positive over the last twelve months but 0.0% at September 2019.

HM Revenue & Customs
The provisional number of UK residential property transaction completions (over £40,000) for September 2019 was 101,740, representing an increase of 5.0% between August-September 2019, and the seasonally adjusted figure is 2.3% higher than September 2018.

The number of non-residential property transactions increased by 7.7% between August-September 2019. This is 0.2% higher than September 2018.

Land Registry Price Paid Data
Overall 93,574 residential sales were received for registration in September. The most expensive residential property sale was in Kensington & Chelsea, London, which sold for £17,000,000. There were 545 residential property sales valued at £1m or more in England and Wales, 304 of which were in Greater London.

The cheapest residential sale was a property in Sunderland, which sold for £16,000.

Newly built property sales increased by 2.9% on September 2018.

REGIONAL HOUSE PRICES

UK HPI Regional figures (all percentages are positive unless indicated otherwise)
September 2019 Average price GBP Monthly change Annual change
England £250,677 -0.1% 1.0%
Northern Ireland (Quarter 3 – 2019) £139,951 2.3% 4.0%
Scotland £155,029 0.3% 2.4%
Wales £164,433 -2.8% 2.6%
East Midlands £194,219 -1.2% 0.1%
East of England £291,993 -0.4% -0.2%
London £474,601 -0.1% -0.4%
North East £132,769 0.0% 2.0%
North West £167,683 -0.3% 2.8%
South East £329,197 1.0% 0.7%
South West £260,158 0.0% 0.5%
West Midlands £201,273 -0.4% 1.6%
Yorkshire and The Humber £165,745 -0.1% 2.2%

UK HPI Average monthly price by property type

Property type September 2019 GBP September 2018 GBP Difference
Detached £354,453 £351,794 0.8%
Semi-detached £222,228 £218,879 1.5%
Terraced £189,427 £187,079 1.3%
Flat or maisonette £209,148 £206,000 1.5%
All £234,370 £231,454 1.3%

Rightmove regional figures

September 2019 Average price GBP Monthly change % Annual change %
Greater London 618,432 2.4% -1.1%
South East 404,785 1.1% -0.4%
South West 310,609 0.1% 1.1%
East of England 351,372 0.1% -0.7%
West Midlands 229,998 0.2% 1.1%
East Midlands 228,326 -0.4% 0.4%
North West 201,321 1.3% 4.0%
Wales 199,696 -0.4% 2.5%
Yorkshire & Humberside 195,440 -0.3% 2.0%
North East 150,610 -1.7% 0.7%

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%
LSL Acadata Regional Data – August 2019 Monthly % change Annual % Change Average House Price £ GBP
Greater London -0.3% -0.2% £597,971
South East -0.1% -1.0% £373,247
South West 0.1% -0.2% £289,321
East of England -0.5% -1.1% £328,658
West Midlands -0.3% -0.2% £225,998
East Midlands -0.3% 0.2% £218,396
North West 0.3% 1.0% £195,530
Wales 0.9% 2.5% £189,204
Yorkshire & Humber 0.4% 0.2% £182,893
North East -0.6% 0.6% £161,779

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

Rightmove October 2019 Average Price (£) GBP Monthly change Annual change
Kensington & Chelsea 1,620,076 1.0% 2.4%
Southwark 654,261 -0.1% 2.4%
Westminster 1,383,165 -0.8% -3.6%
Kingston on Thames 587,915 -2.9% -4.7%
LCL Acadata August 2019 Average Price (£) GBP Monthly change Annual change
Hackney 687,920 5.1% 13.4%
Camden 1,037,158 -3.4% 3.7%
Hammersmith & Fulham 838,674 -2.0% -12.8%
Southwark 573,405 -4.2% -13.2%

RICS Survey Overview

The RICS Residential Market Survey for October 2019 indicated that new buyer enquiries, sales and new home sale instructions were are still downbeat.

The trend over the next three months is expected to be stable, with house prices keeping generally level.

The number of tenants enquiries are increasing and currently at their strongest since 2016. New landlord enquiries are still in decline which means that rental growth is expected to be strong

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 December.

Back to November 2019 Newsletter

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