January 2020 Property Surveying market fact file

terraced property homesWelcome to the January 2020 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 = £235,298,  0.4% change in the month, 2.2% up in the year. Monthly index (where January 2015 = 100) is 123.0

Record annual growth was experienced in Wales to November 2019, where house prices increased by an average 7.8%. This was largely due to a fall in house prices over the previous year and the number of high-value homes sold in areas such as Cardiff and Newport.

The lowest annual house price growth was seen in the East of England (at -0.7%) followed by London (at 0.2%) while the average house price in England increased by 1.7%.

Halifax
UK average house price = £238,963, up 1.7% in the month, up 1.0% in the quarter, 4.0% in the year.

December 2019 recorded the biggest house price increase of the year. A larger number of housing transactions are anticipated in 2020 as consumer and political uncertainty is expected to calm down.

House prices are likely to remain buoyant due to supply constraints, although at a modest level.

Rightmove

England and Wales average house asking price = £300,025, down -0.9% in the month up 0.8% in the year.

A prediction that property prices will increase by 2% over this year reflecting home buyer confidence after the years of uncertainty that followed the EU referendum in 2016. The low level of properties for sale will increase prices for house sellers, and available estate agent stock is at the lowest levels for over two years.

Nationwide

UK average house price = £215,282, 0.1% change in the month and 1.4% increase in the year.

December 2019 was the first time house prices rose over 1% in twelve months. Future economic certainty will dictate how the housing market changes in terms of trend and house prices, although currently a modest pace is expected to continue.

LSL / Acadata

Average England and Wales house price = £304,054,  0.2% change in the month, 0.8% in the year.

December 2019 recorded falls in regional house prices in the South East and East of England, while house prices in the remainder of England and Wales rose, from between 0.6% in the West Midlands and 3.5% in Yorkshire & the Humber.

Merseyside was top for annual house price by conurbation, at 5.2% growth.

HM Revenue & Customs
The provisional number of UK residential property transaction completions (over £40,000) for December 2019 was 104,670, representing an increase of 6.2% in November 2019, and the seasonally adjusted figure is 6.8% higher than December 2018.

The number of non-residential property transactions increased by 13.4% in November 2019, and 0.8% higher than December 2018.

Land Registry Price Paid Data
Overall 92,152 residential sales were received for registration in November. The most expensive residential property sale was in Kensington & Chelsea, London, which sold for £49,575,718. There were 512 residential property sales valued at £1m or more in England and Wales, 291 of which were in Greater London.

The cheapest residential sale was a property in Newbiggin-by-the-Sea, which sold for £15,000.

Newly built property sales decreased by -19% compared to November 2018.

REGIONAL HOUSE PRICES

UK HPI Regional figures (all percentages are positive unless indicated otherwise)
November 2019 Average price GBP Monthly change Annual change
England £251,222 0.3% 1.7%
Northern Ireland (Quarter 3 – 2019) £139,951 2.3% 4.0%
Scotland £154,798 0.4% 3.5%
Wales £172,574 3.5% 7.8%
East Midlands £197,792 1.1% 2.5%
East of England £291,281 -0.7% -0.7%
London £475,458 -0.5% 0.2%
North East £130,712 0.7% 1.4%
North West £169,362 1.1% 3.8%
South East £326,636 0.4% 1.0%
South West £259,758 -0.3% 1.1%
West Midlands £204,238 1.7% 4.0%
Yorkshire and The Humber £165,642 -1.0% 2.6%

UK HPI Average monthly price by property type

Property type November 2019 GBP November 2018 GBP Difference
Detached £359,296 £350,089 2.6%
Semi-detached £224,550 £217,983 3.0%
Terraced £189,614 £186,139 1.9%
Flat or maisonette £206,357 £204,365 1.0%
All £235,298 £230,224 2.2%

Rightmove regional figures

December 2019 Average price GBP Monthly change % Annual change %
Greater London £600,145 -1.5% -0.5%
South East £393,289 -0.4% 1.1%
South West £298,441 -1.3% 1.1%
East of England £341,336 -1.6% -0.1%
West Midlands £224,422 -1.1% 1.7%
East Midlands £226,755 -0.9% 1.9%
North West £194,332 -1.5% 3.2%
Wales £194,869 -0.1% 1.5%
Yorkshire & Humberside £190,441 -1.7% 1.5%
North East £146,098 -1.7% 1.5%

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 – December 2019 Average House Price £ GBP Monthly % change Annual % Change
Greater London £614,367 0.4% 1.0%
South East £374,556 0.4% -0.4%
South West £293,599 0.1% 1.1%
East of England £327,497 0.1% -1.1%
West Midlands £230,039 0.2% 0.6%
East Midlands £222,733 0.3% 0.9%
North West £200,072 0.4% 2.4%
Wales £193,640 1.5% 3.4%
Yorkshire & Humber £198,427 0.6% 3.5%
North East £165,578 0.0% 2.3%

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

Rightmove November 2019 Average Price (£) GBP Monthly change Annual change
Tower Hamlets £591,345 -0.2% 1.9%
Barnet £638,500 0.9% 1.3%
Hammersmith & Fulham £914,660 -0.7% -3.6%
Brent £552,496 -0.1% -4.2%
LCL Acadata December 2019 Average Price (£) GBP Monthly change Annual change
Lambeth £683,931 -1.8% 12.5%
Brent £602,978 4.3% 5.9%
Kensington & Chelsea £1,702,073 -0.5% -13.6%
Southwark £599,619 -3.6% -21.2%

RICS Survey Overview

The RICS Residential Market Survey for December 2019 reported an improvement in sales expectations in the near term and over the next twelve months, with an anticipated increase in house price inflation.

There was a modest increase in sales and instructions. New buyer enquiries across the regions increased over the month, led by Wales and the North East.

Landlord instructions have been negative since 2016 and remain so, although tenant demand has shown a modest increase.

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 February.

Back to January 2020 Newsletter

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