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 = £255,535, 8.0% change in the month, -3.7% up in the year. Monthly index (where January 2015 = 100) 134.0
House prices in the North East of England led the way, with 10.8% growth in the twelve months to July 2021. London was the lowest, at 2.2% over the same period.
The number of property transactions in July valued at or over £40,000 was 4.2% higher than a year ago. After a record level of transactions in June, the number of UK property transactions were 62.8% lower between June and July 2021.
UK average house price = £262,954, 0.7% in the month, 1.2% up in the quarter, 7.1% in the year. Monthly index (where January 1992 = 100) 453.4
Annual house price inflation is gradually slowing down, although the average price of a house is now £23,600 (9.9%) higher than a year ago.
Demand for more space and home working, combined with a continuing shortage of properties for sale, are likely to continue to support demand and house price growth once government assistance is finally withdrawn at the end of the month.
National average house asking price = £338,462, 0.3% in the month and 5.8% in the year.
The national average house asking price is at an all time high, but only £15 more than a month ago, indicating a slow down in house price growth.
Buyer demand per property is twice pre-pandemic levels, making those ready to buy with available cash or a mortgage agreement in place much more likely to secure a purchase. New listings are beginning to increase, with 14% more properties coming onto the market in the first half of September than the second half of August.
UK average house price = £248,857, 2.1% change in the month and 11.0% increase in the year.
The month on month increase in house prices was the second largest gain in 15 years (after April at 2.3%). Demand is likely to remain solid as a result of low borrowing costs and lack of supply. Longer term predictions are difficult with government schemes coming to an end and potential increases in unemployment.
Average England and Wales house price = £328,434, -1.4% change in the month, 5.0% in the year.
The price of flats has fallen 7.9% over the year to August. Detached, semi-detached and terraced homes have generally increased in value with detached and semi-detached house price growth at over 10% overall for the last two months.
The number of residential property transactions over £40,000 was 73,740 in July 2021. The figure was severely affected by ‘forestalling’ whereby property transactions were completed early to take advantage of the temporary reduction in stamp duty.
REGIONAL HOUSE PRICES
UK HPI Regional figures
(all percentages are positive unless indicated otherwise)
|July 2021||Average Price||% Monthly change||% Annual change|
|Northern Ireland (Quarter 2 – 2021)||£153,449||2.9%||9.0%|
|East of England||£312,076||-3.8%||6.8%|
|Yorkshire and The Humber||£180,324||-6.8%||6.9%|
UK HPI Average monthly price by property type
|Property type||July 2021||July 2020||Difference|
|Flat or maisonette||£218,829||£206,198||6.1%|
Rightmove regional figures
|September 2021||Average price GBP||Monthly change||Annual change|
|East of England||£395,983||0.9%||8.9%|
|Yorkshire & Humberside||£219,116||-0.3%||4.3%|
LSL Acadata Regional Data
|July 2021||Average House Price £ GBP||Monthly % change||Annual % Change Greater|
|East of England||£372,906||0.8%||9.0%|
|Yorkshire & Humber||£225,761||0.5%||12.7%|
Focus on London
Best and Worst (-) annual performers according to:
|Average Price (£) GBP||Monthly change||Annual change|
|Barking and Dagenham||£345,594||0.4%||5.7%|
|Average Price (£) GBP||Monthly change||Annual change|
RICS Survey Overview
The RICS Residential Market Survey for August 2021 warned that fresh listings of properties for sale are still in decline. House price growth is easing but the housing market is expected to remain stable over the next year.
New buyer enquiries are easing and agreed sales have slipped for the second successive month.
Tenant demand is growing although landlord instructions are in decline. Rental growth is expected to increase with a predicted rise of around 3% over the next 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.