Property Market Fact File – September 2011

Bank Lending Rate
It has been confirmed that the Bank of England Monetary Committee have decided that the Bank Base Rate is to remain at 0.5% for a further month. It has been at this very low level for a record period, i.e. since 05th March, 2009.
Source: Bank of England

Mortgage Lending by the Major UK Lenders
According to initial data from the major UK lenders, (which comprises Banco Santander, Barclays, HSBC, Lloyds Banking Group, Nationwide and Royal Bank of Scotland), total mortgage approvals for house purchase rose slightly again, from £5.2 billion in June to £5.5 billion in July. Remortgaging saw only a slight increase, from £3.4 billion in June to £3.5 billion in July.
Source: Bank of England

Land Registry Average Property Prices in England and Wales
The Average Price of a property in England and Wales is now £163,049 as at the end of July 2011.
Source: Land Registry

Percentage Changes of Property Prices in England and Wales
The Monthly change in July in England and Wales was up by 1.3%.
The Annual change to July in England and Wales was down by 2.1%.
Source: Land Registry

RICS survey overview.
The RICS Housing Market Survey for July highlights some key issues. Both supply and demand for property have stayed low, and prices are continuing to fall in every region of the UK except London. The West Midlands saw the largest fall in house prices for the third consecutive month. The South West had the largest increase in newly agreed sales, while the highest level of new buyer enquiries during the month was London.
Source: Royal Institution of Chartered Surveyors

New Mortgages granted – July estimates
The Council of Mortgage Lenders reports that July’s estimated figures for gross mortgage lending in the UK is £12.6 billion. This is virtually unchanged from June’s figure of £12.68 billion, but a fall of 6% since last July.
Source: Council of Mortgage Lenders

New Mortgages granted – June figures
The Council of Mortgage Lenders reports that in June, 46,700 loans were made for house purchase, worth £6.7 billion. First-time buyer loans totalled 18,100 (valued at £2.2 billion) which was the highest number for 10 months. 30,700 remortgage loans were made, worth £3.8 billion.
Source: Council of Mortgage Lenders

Regional trends in Rightmove Estate Agents Asking House Prices in England and Wales.
The largest increase in Rightmove’s August survey shows the asking price of a typical UK property in the period from 10th July to 6th August 2011 is in Wales, where the average asking price is up by 0.8% to £171,744. This is 1.1% higher than a year ago.
The largest decrease in asking prices by Rightmove registered estate agents in the period is in Greater London, where the average asking price is down 3.4% to £418,008, but this is 3.2% higher than a year ago, the largest annual increase in house asking prices.
The largest annual regional decrease is the East Midlands region, which has seen asking house prices fall by 5.3% over the year.
Source: Rightmove

Halifax House Price Index figures.
The average price of a house by the end of July 2011 was £163,981, according to the Halifax House Price Index. House prices in July were 0.3% higher than in June, the third consecutive month that prices have risen. The quarterly figure showed a 0.5% drop. The figures show that house prices are 2.6% lower than at this time last year, measured by the average for the latest quarter against the same period a year earlier.
Source: Halifax

Nationwide House Price Index figures
Nationwide House Price Index figures published on 1st September showed that the average cost of a home in the UK was £165,914 during the month of August. After seasonal adjustment, there is a 0.6% fall from July, and the annual rate remains at –0.4%. The quarterly figure, said to be a better indicator of trend, is at 0.1% increase against the previous 3 months’.
Source: Nationwide

Rightmove House Price Index figures
Rightmove’s August survey shows the asking price of a typical UK property in the period from 10th July to 6th August 2011 was £231,543, a decrease of 2.1% on the previous month. House asking prices are just 0.3% lower than a year ago. The number of new sellers is down by 12% on July last year.
Source: Rightmove

Asking Prices by Property Type
Rightmove have published figures showing National Asking Prices analysed by property type.
In the year to August 2011, the average change is a decrease of 0.3%. Flats’ and apartments’ prices are still performing well, at a 0.9% increase over the year. At the other end of the scale, semi-detached properties’ asking prices decreased by 1.6%. Inbetween, both detached and terraced properties decreased by 0.8% over the year.
Source: Rightmove

Home Builders Federation figures
Home Builders Federation’s latest Housing Pipeline Report states that the number of new home planning permissions granted in England in the second quarter of 2011 was only 29,100 residential units. This is 23% down on the previous quarter, and 26% down on last year.
The number of approvals fell by half to 3,200, compared with the previous three months.
Source: Home Builders Federation

Hometrack Monthly House Price Survey
Hometrack compile sample data monthly from thousands of Estate Agents in all 2,300 postcodes in England and Wales. The figures are weighted according to postcode, but not seasonally adjusted.
August’s figures show that the average amount of time that a house is on the market is 9.5 weeks, and 92.5% of the asking price is achieved. However, this masks the fact that London’s “time to sell” is only 6 weeks, whilst in over a third of the country, it is over 3 months.
9% of postcode districts reported a price increase in August, and 28% of postcode districts had a price decrease over the month.
Source: Hometrack

Next Monthly Market Fact File due in early October.

2 thoughts on “Property Market Fact File – September 2011”

  1. Pingback: Get the right surveyors in Wales | Green Hosting and Design by North Devon Web

Comment on this article