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 of almost 4 years (since March 2009).
Source: Bank of England
ONS House Price Index figures.
Figures for the year to December 2012, published by the Office for National Statistics on 12th February 2013, show that house prices increased by 3.3% over the year, to an average of £233k..
The average house price in England in December 2012 was £242k, £158k in Wales, £130k in Northern Ireland and £179k in Scotland.
Over the year to December 2012, England’s rise was 3.4% and Wales’ was 2.4%. Scotland’s rose by 3.1% but Northern Ireland’s figure fell by 5.7% over the year.
Splitting England into regions, London’s prices rose over the year by 6.4%, followed by the South East which rose by 3.7%. However, prices in the North East fell by 0.6% to £142k – the only region in England to see falling house prices.
First-time buyers’s average house price paid in December was £174k. Over the year, this is an increase of 2.7%. Existing owners paid an average of £268k in December, an increase of 3.5% over the year.
The average price paid for a new-build dwelling was £226k in December, which is 4.0% higher than last December. The average price paid for pre-owned buildings was £234k, which is 3.2% higher than the previous year.
Source: ONS
Land Registry’s Property Prices in England and Wales
The Average price of a property in England and Wales is now £162,441 as at the end of January 2013, according to the report published on 28th February 2013.
The Monthly change in January in England and Wales was a 1.0% rise.
The Annual change to January in England and Wales was also a rise of 1.0%.
Source: Land Registry
Halifax House Price Index figures.
The average price of a house by the end of January 2013 was £162,932, according to the Halifax House Price Index published 6th February 2013. House prices in January were 0.2% lower than in December, but the quarterly figure was up by 1.9%. The seasonally adjusted figures show that house prices are 1.3% higher 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 March 2013 showed that the average cost of a home in the UK was £162,638 during the month of February. After seasonal adjustment, this is a rise of only 0.2% from January, but the annual rate is zero change for the second consecutive month.
Source: Nationwide
Rightmove House Price Index figures
Rightmove’s January survey (published 18th February 2013) shows the asking price of a typical UK property in the period from 13th January to 9th February 2013 was £235,741, an increase of 2.8% on the previous month. House asking prices are 1.1% higher than a year ago.
Source: Rightmove
Acadametrics House Price Index figures
LSL Property Services/Acadametrics’ January figures, published 8th February 2013, show that the average house price in England and Wales was £227,478 in January. This is only a 0.2% increase from December, but a 3.1% rise since last January.
Source: Acadametrics Ltd
RICS survey overview
The RICS Housing Market Survey for January 2013 (published 12th February 2013) says that “Activity levels edge upâ€, but that the “National price balance indicates stable picture”.
Yorkshire & Humberside saw the largest fall in house prices in the month. Only London and the South East and Wales saw prices rising.
The North had the highest level of agreed sales, whereas the East Midlands had the lowest.
The West Midlands and Wales had the highest level of new buyer enquiries in the month, while East Anglia, Yorkshire & Humberside and the East Midlands levels fell.
The highest level of new vendor instructions was in the North, closely followed by Scotland, and the lowest was once again in East Anglia.
Source: Royal Institution of Chartered Surveyors
New Mortgages granted – December Actual Figures
The Council of Mortgage Lenders reports that 45,000 loans were made in December for house purchase, worth £6.7 billion. This is lower than November both in number (13.3%), and in value (11.8%). These figures are down 4.5% and 4.3% (respectively) than last December’s figures.
Of these, first-time buyer loans totalled 19,100, valued at £2.4 billion, which is down 11.6% in number and down 11.1% in value on last month. This is 2.7% higher in number and 4.3% higher in value, compared to last December’s figures.
Home movers’ loans totalled £25.9 billion, and numbered 4,300. These figures are 14.5% lower than November’s in terms of number, and 12.2% lower in value. These figures are down 9.1% and 8.5% (respectively) on last December’s.
The number and value of remortgage loans also fell in the month – 21,400 loans worth £2.8 billion in December. These figures are 18.3% lower than last month’s in terms of volume, and 17.6% lower in value. This is a decrease of 23.0% in number and 22.2% by value over the year.
Source: Council of Mortgage Lenders
New Mortgages granted – January Estimates
The Council of Mortgage Lenders reports that January’s estimated figure for gross mortgage lending in the UK was £10.4 billion. This is a fall of 9% on December’s £11.4 billion, and a drop of 3% from last January’s £10.7 billion.
Source: Council of Mortgage Lenders
Mortgage Arrears and Homes Repossessions
The number of house repossessions in the fourth quarter of 2012 totalled 7,700, the lowest since Q4 2007.
During 2012, repossessions fell to 33,900 from 37,300 in 2011. The rate of repossession has fallen from 0.33% in 2011 to 0.30% in 2012.
At the end of 2012, the number of households with arrears of more than 2.5% in their mortgages was 157,900, which is lower than last year, when it was 161,400. There was a small rise in the number of mortgages with arrears of more than 10%, from 28,200 to 28,900 in the year.
Source: Council of Mortgage Lenders
Regional trends in Rightmove Estate Agents Asking House Prices in England and Wales.
Rightmove’s February survey shows the asking price of a typical UK property in the period from 13th January to 9th February 2013 increased in all ten identified areas of England and Wales.
The largest monthly increase was in the North West where asking prices rose by 5.2% over the month from £149,032 to £156,801. However, the annual change there was a 1.8% drop (from £159,630).
The South East had the smallest monthly rise of 0.4%. Average prices there rose from £295,958 in January to £297,036 in February. The annual change there was a 2.1% drop.
The largest annual increase was once again in Greater London, where average prices rose 8.4% over the year to £486,890. The second largest annual increase was in the East Midlands, where prices rose 3.4% to £161,023 over the year to February.
The largest annual decrease was in the North, down 2.4% from £145,702 in February 2012 to £142,168 in February this year. The monthly change there was a drop of 2.4%.
Source: Rightmove
Regional Analysis of Land Registry’s House Prices in England and Wales.
The Land Registry’s January survey shows the prices of a typical UK property per region as follows:
The largest monthly increase was in London, which saw an increase over the month of 2.5%, bringing the average house price in the region to £373,207. This is 7.1% higher than this time last year – the largest annual regional rise.
The largest monthly decrease in price is the North West, where the average price fell 1.9% to £106,527, which is 4.2% lower than a year ago. This is the largest annual regional drop.
Source: Land Registry
Analysis of Acadametrics HPI data by region
The January figures show that of the ten regions specified, six had an increase in house prices in the year to the end January 2013 – by far the largest was Greater London (9.4% to £430,120),
Wales saw the greatest fall – 1.3% (to £152,083).
Source: Acadametrics
Analysis of Land Registry’s House Prices in England and Wales by County/Unitary authority.
The Land Registry’s January survey shows the prices of a typical UK property per county or unitary authority as follows:
Only one county / authority (Tyne & Wear) saw no price movement in the month.
The greatest monthly price increase is in Greater London, where the average price is up by 2.5% to £371,223. This is 8.4% up on last year.
The greatest monthly decreases in price were Merthyr Tydfil and Torfaen, where prices fell by 3.0% to an average of £69,370 and £98,442 respectively. Torfaen’s prices are 3.9% lower than last year, whereas Merthyr Tidfil saw the greatest annual increase – up 21.0%.
The largest annual drop was in North East Lincolnshire, which saw a fall of 9.5% on last year, to £76,541 – there was a monthly rise of 0.3% here.
Source: Land Registry
Analysis of Acadametrics HPI data by County/Unitary Authority
The area with the largest increase in house prices between December 2011 and December 2012 (after Greater London’s 9.4%) was Hartlepool, where the average house price rose by 8.4% to £118,666. Next was West Berkshire which saw a rise of 7.8% to £314,941 in the same period.
The greatest decreases were Ceredigion’s 8.1% drop (to £169,639), and Gwynedd’s drop also of 8.1% (to £145,842).
Portsmouth experienced no change at all, and Devon had a very small drop in average house prices over the year – average prices fell by 0.1% to £231,900 since last November.
Source: Acadametrics
Rightmove’s analysis of asking prices by London Borough.
In the period from 13th January to 9th February 2013, the largest increase in asking prices was in Islington, where they rose by 4.6% to an average of £651,540. Next highest, Hammersmith and Fulham, saw a rise this month of 4.5%.
In Brent, asking prices fell by 6.0% in the month. The average house price there is now £677,034.
Annually, Hammersmith & Fulham saw the highest annual rise (16.3%) to an average of £992,248.
Tower Hamlets saw the largest annual decrease, where average asking prices have fallen by 3.4% to £420,727 over the year.
Source: Rightmove
Acadametrics data analysed by London Borough
Comparing December 2011 to December 2012, the City of Westminster had the greatest increase in house prices - 39.2% to an average of £1,211,370. Kensington & Chelsea is still the most expensive borough at an average of £1,423,629.
Only two boroughs saw a decrease over the period – Barnet by 2.4% to £442,601 and Newham by 2.8% to £215,644. Barking & Dagenham remains the cheapest borough in terms of house prices at an average of £185,570.
Source: Acadametrics
Analysis of Land Registry’s House Prices by Metropolitan District.
The Land Registry’s January survey shows the average prices of property by Metropolitan District as follows:
Only North Tyneside saw no price movement in the month.
The greatest monthly price increase is in Walsall, where the average price is up by 2.1% to £108,516. This is 1.6% higher than last year.
The greatest monthly decrease in price is in Oldham, where prices fell by 4.5% to an average of £75,609. This is 11.5% lower than last year – the largest annual fall.
Stockport saw the greatest annual increase – up 4.5% to £144,560. The monthly change here was an increase of 0.6%.
Source: Land Registry
Analysis of Land Registry’s House Prices in Greater London.
The Land Registry’s January survey shows the average prices of property per London Borough as follows:
The greatest monthly price increase is Hounslow, where the average price is up by 1.9% to £289,951. This is 4.0% higher than last year.
The greatest monthly decrease in price is Havering, where prices fell by 0.7% to an average of £256,519. This is 0.6% higher than last year.
The largest annual drop was in Barking & Dagenham, which saw a fall of 1.3% on last year, to £206,651 – there was a monthly fall of 0.4% here. Kensington & Chelsea saw the greatest annual increase – up 12.4% to £1,079,338. However, the monthly change here was a fall of 0.2%.
Source: Land Registry
Rightmove’s Asking Prices by Property Type
Rightmove have published figures showing National Asking Prices analysed by property type.
In the year to 9th February 2013, the average change over all property types was an increase of 1.1%. All types of property (which Rightmove classify) are up on last year. Flats’ and Apartments’ asking prices rose by 2.8%, and Terraced properties’ prices rose by 2.4%.
Semi-Detached properties’ prices did slightly less well, rising by 1.8%, whereas Detached property asking prices rose by 0.9% since last year.
Source: Rightmove
Land Registry’s Average Prices by Property Type
The Land Registry’s January average price figures analysed by property type show that the prices over all types of property rose by 1.0% in the year since January 2012. The average price is now £162,441.
Flats & Maisonette properties rose by 1.9% to £153,940 over the year, detached properties rose by 1.2% to an average of £257,724, and terraced properties rose by 0.7% to an average of £122,140. Semi-Detached properties rose by only 0.6% to £153,931.
Source: Land Registry
Latest Property Sales Volumes by price range
According to the Land Registry’s January Report, in November 2012, 61,091 sales transactions took place in England and Wales, and 8,129 in London. This represents a rise of 1% in Engalnd & Wales, and a rise of 3% in London since last November’s figures, (60,369 and 7,920 respectively).
Compared to last November, in the price bracket of over £1 million, the sales volume in London increased from 349 to 437 – a rise of 25%, and in England & Wales it increased from 554 to 657 – a rise of 19%.
At the other end of the market (below £250k), the volume fell by 1% from 45,442 to 45,016 in England & Wales, and by 8% from 3,435 to 3,151 in London.
Source: Land Registry
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.
February’s figures (published 4th March 2013) show that the average amount of time that a house is on the market has dropped slightly to 9.7 weeks. Regionally, this ranges from 5.2 weeks in London to 13.6 weeks in the East Midlands.
On average, 93.4% of the asking price is achieved, ranging from 94.9% in the South East, down to 91.9% in Wales.
14.8% of postcode districts reported a price increase in February, a rise from 5.4% in January. 8.0% had a price decrease over the month, down from 16.2% in January.
The increases were predominantly in London (48%) and the South East (26%).
Source: Hometrack
Land Registry Quarterly Sales Volumes
In the quarter from August to November 2012 (the latest for which figures are available), the average number of house sales per month was 58,9471. This is down on the same period in 2011, when the average was 61,595 sales per month.
Source: Land Registry
Buy-to-Let Mortgages
The Council of Mortgage Lenders reports that Buy-to-Let lending accounted for 11.5% of total gross mortgage lending in the UK in 2012.. This is up from 9.8% last year.
During the fourth quarter of 2012, the total lent on buy-to-let mortgages was £4.6 billion (36,700 loans). This is an increase on the previous quarter (34,300 loans worth £4.2 billion) and up on Q4 of 2011 (34,200 loans worth £3.9 billion).
A total of 136,900 loans were made as buy-to-let mortgages in 2012, nearly half of which were remortgages.
There are currently 1,445,300 buy-to-let mortgages, with a value of £16.4 billion. This is up 19% on last year, and accounts for 13% of all mortgages..
Source: Council of Mortgage Lenders
Outstanding Mortgage Debt
The average outstanding mortgage for the 11.3m households who currently have mortgages is estimated at £112,071 in January 2013.
Outstanding secured lending in the UK on dwellings totalled £1,265 billion at the end of January 2013. This is up from the previous January’s £1,248 billion.
Source: Credit Action
Land Registry figures including Repossessions.
The headline figures in the January 2013 report are altered when repossession data is included – the average house price is then £160,180: 0.6% up on December and 1.4% up on January 2012.
In the months from August to November, the number of repossessions averaged 1,536 per month. In the same period last year, the average was 1,833 per month.
There was a total reduction in the number of repossessions over the year to November 2012 of 11%. Regional analysis shows the East Midlands had 42% fewer repossessions than last November, whereas Wales had 21% more.
Source: Land Registry
Next Monthly Market Fact File due in early April.