Our monthly Property Surveying summary of property market news, survey data, statistics, trends and information. (All figures below are the most recently available data.)
Data source: Land Registry
UK average house price = £250,772, -1.9% change in the month, 8.9% up in the year. Monthly index (where January 2015 = 100) 131.5
House prices in the North East rose by 16.9% in the year to April 2021, and by 3.3% in London over the same period.
House prices in Wales increased the most, at 15.6% over the year, compared to 8.9% in England.
UK average house price = £261,743, 1.3% in the month, 2.4% up in the quarter, 9.5% in the year. Monthly index (where January 1992 = 100) 451.4
A ‘deeper and long-lasting change’ in home buyer preference will reflect post-pandemic lifestyle choices, including higher demand for more spacious properties and a willingness to spend more money on housing.
The strongest house price growth over the year was seen in Wales, the North West and Yorkshire & Humber.
National average house asking price = £336,073, up 0.8% in the month and 7.5% in the year.
Record house prices and a low supply of available homes are slowing down house price growth but the housing market is still strong.
House prices in less expensive areas are being driven up by home movers from more expensive areas, with Wales up 14.5% since March 2020 and the South West up 11.4%.
The average number of properties available per estate agent is now just 10 properties.
UK average house price = £242,832, 1.8% change in the month and 10.9% increase in the year.
Much of the momentum of the stamp duty holiday has been maintained and does not appear to be the key driver to the market. 75% of those surveyed in April said they would have considered a move anyway. Changing housing preferences are more important, particularly as we come out of the pandemic. A third of those surveyed said they wanted to move area, 25% wanted more access to outdoor space, and 20% wanted to more away from urban life or move closer to family.
Average England and Wales house price = £343,658, 0.5% change in the month, 13.4% in the year.
Excluding London and the South East, annual house price growth increased by 17.1%.
There are signs that the end of the stamp duty holiday may slow down the housing market, as monthly house price increases rise at the lowest level since June 2020.
The demand for flats in city centres and London has reduced as housing preferences change, and due to concerns by home buyers and mortgage lenders around cladding.
The number of residential property transactions over £40,000 was on average between the nations 138.2% higher than a year ago, at 114,940.
REGIONAL HOUSE PRICES
UK HPI Regional figures
(all percentages are positive unless indicated otherwise)
|April 2021||Average Price||% Monthly change||% Annual change|
|Northern Ireland (Quarter 1 – 2021)||£149,178||1.1%||6.0%|
|East of England||£313,964||0.3%||8.0%|
|Yorkshire and The Humber||£179,408||-3.7%||12.0%|
UK HPI Average monthly price by property type
|Property type||April 2021||April 2020||Difference|
|Flat or maisonette||£210,006||£199,179||5.4%|
Rightmove regional figures
|June 2021||Average price GBP||Monthly change||Annual change|
|East of England||£390,652||2.0%||9.5%|
|Yorkshire & Humberside||£218,127||0.7%||11.3%|
Nationwide regional figures
|Q1: 3 months to April 2021||Average House Price (£) GBP||Annual % change (this quarter)||Annual % change (previous quarter)|
|Yorkshire & Humber||£175,577||7.0%||7.7%|
|Outer South East||£298,804||7.2%||8.0%|
LSL Acadata Regional Data
|April 2021||Average House Price £ GBP||Monthly % change||Annual % Change Greater|
|East of England||£377,807||0.9%||12.4%|
|Yorkshire & Humber||£232,104||0.3%||17.1%|
Focus on London
Best and Worst (-) annual performers according to:
|Average Price (£) GBP||Monthly change||Annual change|
|Barking and Dagenham||457,796||1.4%||6.1%|
|Average Price (£) GBP||Monthly change||Annual change|
|Hammersmith & Fulham||£854,193||-0.5%||-13.9%|
RICS Survey Overview
The RICS Residential Market Survey for May 2021 reported a reduction in the number of new instructions over the month although new buyer enquiries and agreed house sales were steady.
A higher number of market appraisals may indicate that more properties will be available in the coming months.
Tenant demand remains strong although landlord instructions were in the negative for the tenth consecutive month. Rents are thought likely to rise around 3%. The lettings market in London now appears more positive and could move into positive numbers over the next three to twelve months.
Rightmove.co.uk is the UKs 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 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.
The Monthly Market Fact File will be updated next month.