Property Market Fact File – April 2010

Average Property Prices in England and Wales

The Average Price of a property in England and Wales is now £164,455 as at the end of February, 2010

Source: Land Registry

Percentage Changes of Property Prices in England and Wales

The Monthly change between February and March in England and Wales was -0.3%.

The Annual change between February and March in England and Wales was 7.0%.

Source: Land Registry

Inflation Figures released for March 2010.

The Consumer Prices Index, which is used by the government to measure the annual inflation rate, rose to 3.4% last month (March). It was 3% in February. The increased price of petrol and diesel, and the knock-on effects of this on other sectors, is blamed for the increase. Also, the bad weather in January forced the price of certain produce up, as some vegetables became more scarce as a result.

Source: Office for National Statistics 20/4/10

Bank Lending Rate

Bank of England Monetary Committee confirmed that the Bank Base Rate is to remain at 0.5% for a further month.  Stayed at this level now since 05th March, 2009

Source: Bank of England

Gross Mortgage Lending increases.

The Council of Mortgage Lenders have published data which shows that gross mortgage lending in the UK was approximately £11.5 billion in March, which is up by 24% on February, when it was £9.3 billion.

Source: Council of Mortgage Lenders. 19/4/10

Mortgage Lending by the Major UK Lenders

House Purchase Lending increased to £5.6 billion as against £3.4 billion in February 2009.  Still lower than £7.2 billion in February 2008.

Source: Bank of England

Outstanding Mortgage Debt

Average outstanding mortgage for the 11.1m households who currently have mortgages now stands at £111,612.

Source: Credit Action

Homes Repossessions

Total house repossessions in 2009 total 46,000.  Significantly fewer than expected at the start of the year but 15% higher than the 40,000 repossessed in 2008.

Source: Council of Mortgage Lenders

New Mortgages granted

The number of new mortgages taken out was 35,000 in February 2010, up by 12% on January, and 49% on the same time last year.

Source: Council of Mortgage Lenders

RICS survey overview.

The February house price data painted a mixed picture. Both of the lender indices showed house prices falling again, with the Nationwide index down by 1% on the month and the Halifax index down by 1.5%. Land Registry data for England and Wales showed a more modest 0.3% fall. By way of contrast, the Acadametrics index suggests that house prices actually increased by 1.9% on the month.

Source: Royal Institute of Chartered Surveyors

Halifax House Price Index figures.

House prices increased by 1.1% in March, partly offsetting February’s 1.6% fall.  This was the eighth rise in the past nine months, taking the average price to 9.1% above the low point reached last April.

Source: Halifax

Nationwide House Price Index figures

The price of a typical UK property rose by a seasonally adjusted 0.7% month-on-month (m/m) in March, largely reversing the 0.8% m/m fall measured in February. The smoother quarter on quarter rate of inflation edged down further from 1.8% in February to 1.6% in March. At £164,519, the average price of a typical property is 9.0% higher than a year earlier.

Source: Nationwide

Regional trends in House prices.

Largest increase is in the North of England, where the average price was up by 6.6% in February to £149,704. (5.1% up on March 2009)

Largest decrease is in London, where the average price is down by 2.5% in February to £417,461 (but still 4.4% up on March 2009)

Source: Rightmove

Staying Local ?

43.4% of those moving house, stay in the same postcode area.

The most popular areas include Bristol, Brighton and Bournemouth at over 60%

Source: Reallymoving.com