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 over 4 years (since March 2009).
Source: Bank of England
HOUSE PRICE INDICES – some show actual prices and others show asking prices. This month the average house price ranges from 162k to 253k.
ONS House Price Index figures.
Figures for the year to April 2013, published by the Office for National Statistics on 18th June 2013, show that house prices increased by 2.6% over the year, to an average of £238k.
The average house price in England in April 2013 was £247k, £162k in Wales, £127k in Northern Ireland and £177k in Scotland.
Over the year to April 2013, England’s rise was 2.8% and Wales’ was 6.2%. Scotland’s fell by 1.2% and Northern Ireland’s figure fell by 0.8% over the year. (House prices in Northern Ireland have fallen every year for over 5 years.)
Splitting England into regions, London’s prices rose over the year by 6.0%, followed by the East Midlands which rose by 3.6%. However, prices fell in the North East by 1.3% – the only regional decrease.
First-time buyers’ average house price paid in April was £179k. Over the year, this is an increase of 4.7%. Existing owners paid an average of £273k in April, an increase of 1.9% over the year.
The average price paid for a new-build dwelling was £234k in April, which is 4.4% higher than last April. The average price paid for a pre-owned building was £238k, which is 2.5% 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 £161,969 as at the end of May 2013, according to the report published on 28th June 2013.
The Monthly change in May in England and Wales was a 0.1% rise.
The Annual change to May in England and Wales was a rise of 0.5%.
Source: Land Registry
Halifax House Price Index figures.
The average price of a house by the end of May 2013 was £166,898, according to the Halifax House Price Index published 6th June 2013. House prices in May were 0.4% higher than in April, and the quarterly figure was up by 1.5%. The seasonally adjusted figures show that house prices are 2.6% 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 28th June 2013 showed that the average cost of a home in the UK was £168,941 during the month of June. After seasonal adjustment, this is a slight change from May (a rise of 0.3%), and the annual rate is a 1.9% rise.
Source: Nationwide
Rightmove House Price Index figures
Rightmove’s June survey (published 17th June 2013) shows the asking price of a typical UK property in the period from 12th May to 8th June 2013 was £252,798, an increase of 1.2% on the previous month. House asking prices are 2.7% higher than a year ago.
Source: Rightmove
Acadametrics House Price Index figures
LSL Property Services/Acadametrics’ May figures, published 14th June 2013, show that the average house price in England and Wales was £233,061 in May. This is only a 0.4% increase from April, but a 2.7% rise since last May.
Source: Acadametrics Ltd
Analysis of Nationwide’s UK House Prices Index report for Q2 2013.
In Quarter 2 of 2013, the average UK house price has been calculated (after seasonal adjustment) as £167,294 by the Nationwide. This is 0.4% higher than Q1, and gives a figure of a 1.4% increase since the same quarter last year. For the seventh successive quarter, the most expensive region in the UK to buy a property is, not surprisingly, London, and the least expensive region is once again Northern Ireland.
House prices in Northern Ireland are now 2.1% down on last year, and 2.7% down on last quarter, standing at an average of £108,116. The City of Belfast still has the highest prices – at £152,792, the annual rate is a 4% rise.
On the other hand, London had an increase in house prices of 5.2% on last year, and a 1.2% increase on last quarter. The average price is £318,214. Westminster is still the most expensive borough, with average prices (£777,586) more than three and a half times the average price in the cheapest borough, Barking & Dagenham (£201,475).
House prices in England have risen 0.6% over the quarter, and 2.3% over the year. The North is the cheapest place in England to buy a property at the moment. The average price in England is £194,915.
Wales’ quarterly change was a fall of 1.6%, but there was an annual rise of 1.2%. The average price in Wales is now £133,432, with Cardiff remaining the most expensive area – the average house price in Cardiff being £208,617.
Scotland’s house prices rose 1.4% on last quarter, but dropped 1.2% from last year, to an average price of £134,611. Edinburgh City is currently the most expensive place to buy a house in Scotland – the average price here is £234,884.
Looking at towns and cities within England, Newcastle performed best, with a house price increase of 11% since last year. The average price of a house in Newcastle is £173,296.
The worst performances in England were Liverpool (again) and Southampton, where prices dropped by 8% and 5% respectively in the year. House prices here average £142,454 and £198,679 respectively.
Source: Nationwide
Land Registry figures including Repossessions.
The headline figures in the May 2013 report are altered when repossession data is included – the average house price is then £160,267: 0.2% up on April and 1.2% up on May 2012.
In the months from December to March, the number of repossessions averaged 1,357 per month. In the same period last year, the average was 1,746 per month.
There was a total reduction in the number of repossessions over the year to March 2013 of 27%. Regional analysis shows that the North East had 39% fewer repossessions over the year, whereas the East Midlands saw only 18% fewer.
Source: Land Registry
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HOUSE PRICES ANALYSED REGIONALLY ACROSS ENGLAND AND WALES
Regional trends in Rightmove Estate Agents Asking House Prices in England and Wales.
Rightmove’s May survey shows the asking price of a typical UK property in the period from 12th May to 8th June 2013 increased in six of the ten identified areas of England and Wales.
The largest monthly increase was in the North West where asking prices rose by 1.7% over the month from £165,165 to £168,013. The annual change there was a rise of 0.9%.
The largest monthly decrease was 0.8% in East Anglia. Average prices there fell from £233,447 in May to £231,621 in June. The annual change there was a rise of 1.8%.
The largest annual increase was in London, up 7.9% from £477,440 in June 2012 to £515,243 in June this year. The monthly change was a rise of 1.1%.
The largest annual decrease was once again in the Yorkshire & Humberside region, down 1.4% from £159,418 in June 2012 to £157,183 in June this year. The monthly change was a fall of 0.5%.
Source: Rightmove
Regional Analysis of Land Registry’s House Prices in England and Wales.
The Land Registry’s May survey shows the prices of a typical UK property per region as follows:
The largest monthly increase was in the East Midlands, which saw an increase over the month of 2.0%, bringing the average house price in the region to £123,404. This is 0.3% higher than this time last year.
The largest monthly decrease in price is in the East, where the average price fell 0.7% to £173,767, which is 0.7% higher than a year ago.
Annually, London saw the largest increase – by 5.0% to an average of £375,068 – whereas Yorkshire & The Humber saw the largest decrease – a drop of 2.2% over the year to £115,324.
Source: Land Registry
Analysis of Acadametrics HPI data by region
The latest figures show that of the ten regions specified, seven had an increase in house prices in April – by far the largest was Greater London (10.1% to £448,443). Wales saw the greatest fall – 1.3% (to £151,821).
Source: Acadametrics
Analysis of Land Registry’s House Prices in England and Wales by County/Unitary authority.
The Land Registry’s May survey shows the prices of a typical UK property per county or unitary authority as follows:
The greatest monthly price increase is Blaenau Gwent, where the average price is up by 3.8% to £80,712. This is 16.6% up on last year – the greatest annual increase
The greatest monthly decrease in price was Newport, Gwent, where prices fell by 3.5% to an average of £111,307. However, this is 4.3% higher than last year.
Middlesbrough saw a fall of 10.2% on last year – the largest annual drop – taking the average house price here to £73,522.
Seven counties / authorities saw no price movement in the month.
Source: Land Registry
Analysis of Acadametrics HPI data by County/Unitary Authority
The unitary authority with the largest increase in house prices between April 2012 and April 2013 (excluding Greater London) was Carmarthenshire, where the average house price rose by 10.0% to £143,817. Next was Cheshire which saw a rise of 8.8% to £219,893 in the same period.
The largest decrease was Blackburn & Darwen, where there was a 11.2% drop (to £106,759).
Source: Acadametrics
Analysis of Land Registry’s House Prices by Metropolitan District.
The Land Registry’s May survey shows the average prices of property by Metropolitan District as follows:
The greatest monthly price increase is in Bury, where the average price is up by 6.5% to £108,517. However, this is 1.2% lower than last year.
The greatest monthly decrease in price is in St Helens, where prices fell by 2.7% to an average of £92,898. This is 3.5% lower than last year.
Over the year, Trafford saw the largest increase – 3.3% to £183,461, which is 1.3% higher than last month.
Salford saw the greatest annual decrease – down 9.1% to £86,119. The monthly change here was a rise of 0.2%.
Source: Land Registry
Rightmove’s analysis of asking prices by London Borough.
In the period from 12th May to 8th June 2013, the largest increase in asking prices was in Camden, where they rose by 4.9% to an average of £1,103,943. The annual rise was 19.1% – the largest annual increase of all the boroughs.
In Haringey, asking prices fell by 2.7% in the month, but rose by 8.3% over the year. The average house price there is now £584,815.
Annually, Kingston-upon-Thames saw the largest annual decrease, where average asking prices have fallen by 3.4% over the year to £665,382. The monthly change there was a drop of 1.7%.
Source: Rightmove
Acadametrics data analysed by London Borough
Comparing April 2012 to April 2013, the City of Westminster had the greatest increase in house prices - 34.0% to an average of £1,318,971. Kensington & Chelsea is still the most expensive borough at an average of £1,462,108, which is 8.3% higher than last March.
Only one borough saw a decrease over the year – Tower Hamlets (by 1.3% to £346,495). Barking & Dagenham remains the cheapest borough in terms of house prices at an average of £182,515, although this is 2.5% higher than last year.
Source: Acadametrics
Analysis of Land Registry’s House Prices in Greater London.
The Land Registry’s May survey shows the average prices of property per London Borough as follows:
The greatest monthly price increase is in Greenwich - the average price is up by 2.0% in the borough, to £274,666. This is 3.9% higher than last year.
The greatest monthly decrease in price is in Newham, where prices fell by 1.3% to an average of £227,169. However, this is 0.4% higher than last year. This is the smallest annual rise, as all boroughs saw a price rise over the year.
Wandsworth had the largest annual rise – 11.1% to £447,888 – although the monthly rise here was only 0.8%.
Source: Land Registry
RICS Survey Overview
The RICS Residential Market Survey for May 2013 (published 11th June 2013) says that the “Housing market [is] gathering momentum”.
London and the South East saw the largest price rises, whereas Yorkshire & Humberside area saw the largest fall in house prices in the month.
The North West had the highest level of agreed sales in April, with every area seeing a rise, albeit Wales’s was very small.
Yorkshire & Humberside, along with Scotland, had the highest level of new buyer enquiries in the month – none of the areas saw a fall.
The highest levels of new vendor instructions were in Scotland and the North West, and the lowest (decreases) were in Wales and West Midlands.
Source: Royal Institution of Chartered Surveyors
Nationwide sub-regional analysis of average house prices over the last 10 years.
Analysing the price rises over Great Britain by region over the last ten years shows some major differences. Compared to 10 years ago, the average house price in Aberdeenshire & Moray has risen by 115% to £175,854. This is the highest rise outside London, where Westminster’s average price has risen by 117% over the decade.
However, in Swindon and the South East of Northern Ireland, prices are only 11% higher than they were 10 years ago.
Source: Nationwide
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PROPERTY TYPES – terraced are the cheapest and detached the most expensive.
Rightmove’s Asking Prices by Property Type
Rightmove have published figures showing National Asking Prices analysed by property type.
In the year to 8th June 2013, the average change over all property types was an increase of 2.7%. All types of property (which Rightmove classify) are up on last year.
- Terraced properties’ prices rose by 3.9% to £192,638
- Detached property asking prices rose by 3.8% to £373,926
- Flats’ and Apartments’ asking prices rose by 3.4% to £208,792
- Semi-Detached properties’ prices rose by 2.2% to £206,670.
Source: Rightmove
Land Registry’s Average Prices by Property Type
The Land Registry’s May average price figures analysed by property type show that the prices over all types of property rose by 0.5% in the year since May 2012. The average price is now £161,969
- Flats & Maisonette properties rose by 2.0% to £154,982
- Detached properties rose by 0.5% to £255,327
- Terraced properties rose by 0.2% to an average of £122,016
- Semi-detached properties fell by 0.2% to an average of £152,508.
Source: Land Registry
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MORTGAGE FIGURES
New Mortgages granted – April Actual Figures
The Council of Mortgage Lenders reports that 42,600 loans were made in April for house purchase, worth £6.3 billion. This is lower than March in number (0.9%), but unchanged in value. However, these figures are up 22.4% and 21.2% (respectively) than last April’s figures.
Of these, first-time buyer loans totalled 19,400, valued at £2.5 billion, which is down by 1.0% in number and the same in value as last month. This is 57.7% higher in number and 66.7% higher in value, compared to last April’s figures.
Home movers’ loans totalled £23.3 billion, and numbered 3,800. These figures are 0.9% lower than March’s in terms of number, and 2.6% lower in value. These figures are up 3.6% in number and 2.7% in value on last April.
The number and value of remortgage loans rose in the month – 25,600 loans worth £3.4 billion in April. These figures are 7.1% higher than last month’s in terms of volume and 9.7% higher in value. However, this is a decrease of 5.5% in number and 2.9% by value over the year.
Source: Council of Mortgage Lenders
New Mortgages granted – May Estimates
The Council of Mortgage Lenders reports that May’s estimated figure for gross mortgage lending in the UK is £14.7 billion. This is a rise of 21% on April’s £12.2 billion, and a rise of 17% from last May’s figure. This is the highest monthly estimate for gross mortgage lending for four and a half years.
Source: Council of Mortgage Lenders
Mortgage Arrears and Homes Repossessions
The number of UK mortgages in arrears has remained steady at 1.4% for at least a year.
By the end of Q1 2013, 159,800 mortgages were in arrears, i.e. behind by more than 2.5% of the mortgage balance. Included in this figure are 82,600 mortgages in arrears by between 2.5% and 5%, 32,000 behind by between 5% and 7.5%, 14,900 in the bracket 7.5% to 10%, and 30,300 which are in arrears by more than 10% of the mortgage balance.
The rate of repossessions in the first quarter of 2013 is 0.07%, where it has been for a full year. This is equivalent to fewer than 1 in 400 mortgaged properties.
8,000 properties were repossessed in Q1 2013, compared to 9,600 in Q1 2012, and 7,700 in the previous quarter. About a fifth of these were on buy-to-let 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 £112,459 in April 2013.
Outstanding secured lending in the UK on dwellings totalled £1,266 billion at the end of April 2013. This is up from the previous April’s £1,252 billion.
Source: Credit Action
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TRANSACTIONS & OTHER FIGURES
Latest Property Sales Volumes by price range
According to the Land Registry’s May Report, in March 2013, 52,090 sales transactions took place in England and Wales, and 7,229 in London. This represents a fall of 15% in England & Wales, and a fall of 20% in London since last March’s figures, (61,334 and 9,071 respectively).
Compared to last March, in the price bracket of over £1 million, the sales volume in London increased from 339 to 435 – a rise of 28%, and in England & Wales it increased from 517 to 625 – a rise of 21%.
At the other end of the market (below £250k), the volume fell by 20% from 48,515 this March to 38,815 last March in England & Wales, and by 41% from 4,812 to 2,844 in London.
Source: Land Registry
Land Registry Quarterly Sales Volumes
In the quarter from December 2012 to March 2013 (the latest for which figures are available), the average number of property transactions per month was 48,875. This is down on the same period a year ago, when the average was 53,387 sales per month.
Source: Land Registry
Hometrack Monthly House Price Survey Figures
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.
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.
June’s figures (published 1st July 2013) show that the average amount of time that a house is on the market has dropped to 8.4 weeks. Regionally, this ranges from 4.1 weeks in London to 12.8 weeks in the East Midlands.
On average, 94.2% of the asking price is achieved, ranging from 96.1% in Greater London, down to 92.2% in Wales.
31.4% of postcode districts reported a price increase in June, a rise from 28.5% in May. 3.1% had a price decrease over the month, down from 4.4% in May.
Source: Hometrack
Home Builders Federation figures
Home Builders Federation’s latest Housing Pipeline Report states that the number of planning permissions granted in Great Britain in the first quarter of 2013 was 44,924 residential units. This is 12% fewer than the previous quarter, but 7% more than last year.
Social housing approvals in this quarter rose to 7,952, up 12% on Q4 2012 and up 45% on a year ago.
Source: www.house-builder.co.uk
Next Monthly Market Fact File due in August.