{"id":10046,"date":"2014-10-06T15:14:25","date_gmt":"2014-10-06T14:14:25","guid":{"rendered":"http:\/\/www.propertysurveying.co.uk\/newsletter\/?page_id=10046"},"modified":"2014-10-06T15:14:25","modified_gmt":"2014-10-06T14:14:25","slug":"property-market-monthly-fact-file-october-2014","status":"publish","type":"page","link":"https:\/\/www.propertysurveying.co.uk\/newsletter\/?page_id=10046","title":{"rendered":"Property Market Monthly Fact File – October 2014"},"content":{"rendered":"

Bank Lending Rate<\/strong>
\nThe Bank of England Monetary Policy Committee has confirmed that the Bank Base Rate is to remain at 0.5% for a further month. It has been at this very low level for over 5\u00c2\u00bd years – a record period.
\nSource: Bank of England<\/p>\n

oOo<\/p>\n

\u00c2\u00a0HOUSE PRICE INDICES<\/strong> – some show actual prices and others show asking prices.
\nThis month the average house price ranges from 178k (Land Registry) to 274k (Acadata),
\nwith varying movements in prices across the indices.<\/p>\n

ONS House Price Index figures.<\/strong>
\nFigures for the year to July 2014, published by the Office for National Statistics on 16th September 2014, show that house prices increased by 11.7% over the year, to an average of \u00c2\u00a3272k. This is a 1.6% increase over the month after seasonal adjustment. Excluding London and the South East, the average house price rose by 7.9% to \u00c2\u00a3206k.
\nFirst-time buyers’ average house price paid in July was \u00c2\u00a3209k. Over the year, this is an increase of 13.5%. Existing owners paid an average of \u00c2\u00a3313k in July, an increase of 10.9% over the year.
\nThe average price paid for a new-build dwelling was \u00c2\u00a3254k in July, which is an increase of 13.8% from last July. The average price paid for a pre-owned building was \u00c2\u00a3273k, which is 11.5% higher than the previous year.
\nSource: ONS<\/p>\n

Land Registry\u00e2\u20ac\u2122s Property Prices in England and Wales<\/strong>
\nThe Average price of a property in England and Wales was \u00c2\u00a3177,824 at the end of August 2014, according to the report published on 26th September 2014.
\nThe Monthly change in August was a rise of 1.0%.
\nThe Annual change to end of August was a rise of 8.4%.
\nSource: Land Registry<\/p>\n

Halifax House Price Index figures.<\/strong>
\nThe average price of a house by the end of August 2014 was \u00c2\u00a3186,270, according to the Halifax House Price Index published 8th September 2014. House prices in August were 0.1% higher than in July, and the quarterly figure was up by 3.0%. The seasonally adjusted figures show that house prices are 9.7% higher than at this time last year, measured by the average for the latest quarter against the same period a year earlier.
\nSource: Halifax<\/p>\n

Nationwide House Price Index figures<\/strong>
\nNationwide House Price Index figures published on 30th September 2014 showed that the average cost of a home in the UK, after seasonal adjustment, was \u00c2\u00a3188,374 during the month of September. This is a decrease from August of 0.2% after seasonal adjustment, and an annual rise of 9.4%. It has been seventeen months since Nationwide has seen a fall in house prices.
\nSource: Nationwide<\/p>\n

Rightmove House Price Index figures<\/strong>
\nRightmove\u00e2\u20ac\u2122s September survey (published 15th September 2014) shows the asking price of a typical UK property in the period from 10th August to 6th September 2014 was \u00c2\u00a3264,875, a rise of 0.9% on the previous month. House asking prices are 7.9% higher than a year ago.
\nSource: Rightmove<\/p>\n

Acadata House Price Index figures<\/strong>
\nLSL Property Services\/Acadata August figures, published 12th September 2014, show that the average house price in England and Wales was \u00c2\u00a3274,302 in the month. This is a 0.9% increase from July, and a 10.7% rise since last August. Excluding London and the South East, the annual rise was 4.3% to an average of \u00c2\u00a3185,496.
\nSource: Acadata Ltd<\/p>\n

Land Registry figures including Repossessions.<\/strong>
\nThe headline figures in the August 2014 report are altered when repossession data is included – the average house price in August is then \u00c2\u00a3176,907: a 1.0% rise from July and 8.8% up on August 2013.
\nIn the quarter from March to June ’14, the number of repossessions averaged 927 per month. In the same period last year, the average was 1,393 per month.
\nThere was a total reduction in the number of repossession sales over the year to June 2014 of 36% – 1,238 to 794. Regional analysis shows that at the extremes, the East had 51% fewer repossession sales compared to last June, whereas the West Midlands had 21% fewer.
\nSource: Land Registry<\/p>\n

oOo<\/p>\n

HOUSE PRICES ANALYSED REGIONALLY.<\/strong>
\nGreater London and the South East consistently out-perform other regions in England and Wales<\/p>\n

ONS House Price Index figures by country.<\/strong>
\nThe average house price in England in July 2014 was \u00c2\u00a3284k, \u00c2\u00a31716k in Wales, \u00c2\u00a3139k in Northern Ireland and \u00c2\u00a3198k in Scotland.
\nOver the year to July 2014, England’s average house price rise was 12.0%, Scotland’s was 7.6% and Wales’ was 7.4%. Northern Ireland’s prices rose by 4.5%.
\nSplitting England into regions, London’s prices rose by 19.1% over the year to an average of \u00c2\u00a3514k, while the smallest rise was 5.0% in Yorkshire and The Humber to an average of \u00c2\u00a3174k.
\nSource: ONS<\/p>\n

Regional trends in Rightmove Estate Agents Asking House Prices in England and Wales.<\/strong>
\nRightmove\u00e2\u20ac\u2122s September survey showing the asking price of a typical UK property in the period 10th August to 6th September 2014 broken down by region.
\nThe largest monthly increase was in East Anglia, where asking prices rose by 3.7% over the period from \u00c2\u00a3241,045 to \u00c2\u00a3249,860. The annual change there was a rise of 8.1%.
\nThe largest monthly decrease was in the West Midlands, where average prices fell by 1.8% from \u00c2\u00a3197,702 to \u00c2\u00a3194,077. The annual change here was a fall of 0.7% – the only region to see an annual fall.
\nThe largest annual rise was 13.0% in Greater London, where prices have risen from \u00c2\u00a3493,748 last September to \u00c2\u00a3557,792 this September. The monthly change was a rise of 0.9%.
\nSource: Rightmove<\/p>\n

Regional Analysis of Land Registry\u00e2\u20ac\u2122s House Prices in England and Wales.<\/strong>
\nThe Land Registry\u00e2\u20ac\u2122s August survey shows the prices of a typical UK property per region as follows:
\nNo regions had a drop in prices over the month or the year.
\nThe largest monthly increase was in London, which saw an increase over the month of 2.7%, bringing the average house price in the capital to \u00c2\u00a3467,070. This is 21.6% higher than this time last year – the largest annual increase.
\nThe smallest monthly increase in price were the South West and the North West, where the average prices fell 0.1% to \u00c2\u00a3183,991 and \u00c2\u00a3113,269 respectively, which are 5.8% and 4.2% higher than a year ago.
\nThe smallest annual increase was once again in the North East which saw a rise of 3.0% over the year to \u00c2\u00a3100,781 – a 0.6% rise on last month.
\nSource: Land Registry<\/p>\n

Analysis of Acadata HPI by region<\/strong>
\nThe latest figures show that for the month of July 2014, only one of the ten regions specified had an decrease in house prices (Yorkshire & Humberside), and two stayed the same (the South West and the East Midlands).
\nFigures for England and Wales overall show an average house price in July of \u00c2\u00a3271,821, which is a 0.7% increase over the month and an 10.4% increase over the year.
\nThe largest rise in the month was once again in Greater London – up 1.4% to an average of \u00c2\u00a3571,336. The annual rise here was 20.6% – the largest annual rise. (See section below for analysis by borough.)
\nYorkshire & Humberside saw the only drop in the month – down 0.3% to \u00c2\u00a3162,106. This is 3.3% higher than last year, which is the smallest of the annual changes.
\nAnnually, as mentioned, London saw the highest rise, and the second highest was the South East – up 9.4% to an average of \u00c2\u00a3313,861 which is 0.8% higher than last month. The second lowest annual increase was the North West, where prices rose by 3.4% over the year to an average of \u00c2\u00a3161,458.
\nSource: Acadata<\/p>\n

Analysis of Land Registry\u00e2\u20ac\u2122s House Prices in England and Wales by County\/Unitary authority.<\/strong>
\nThe Land Registry\u00e2\u20ac\u2122s August survey shows the prices of a typical UK property per county or unitary authority as follows:
\nThe greatest monthly price increase is in Greater London, where the average price is up by 2.7% to \u00c2\u00a3467,070. This is 21.6% higher than last year, which is the largest annual increase.
\nThe greatest monthly decrease in price was 3.2% in Wrexham, where the average price is \u00c2\u00a3115,526, which is 0.7% lower than last year.
\nAs mentioned above, Greater London saw the largest annual price rise (19.3% to an average of \u00c2\u00a3457,072).
\nThe largest annual fall was shared by Hartlepool and Merthyr Tydfil, where prices fell by 4.8% to \u00c2\u00a373,716 and \u00c2\u00a364,660 respectively . These are 0.1% and 1.0% lower than July.
\nOf the 101 counties\/unitary authorities defined, 10 saw movement of only 0.1% plus two seeing zero price movement in the month (Shropshire and Middlesbrough).
\nSource: Land Registry<\/p>\n

Analysis of Acadata HPI data by County\/Unitary Authority<\/strong>
\nThe unitary authority with the largest increase in house prices in July 2014 was Carmarthenshire, where average prices rose by 6.4% to an average of \u00c2\u00a3138,055. The annual change there was a rise of 1.6%.
\nThe next largest monthly increase was in Windsor and Maidenhead where prices rose by 3.5% to \u00c2\u00a3526,348, and the annual rise was 19.5%.
\nThe Isle of Anglesey saw the largest decrease in average prices in the month – down 3.5% to \u00c2\u00a3164,994. The annual change there was a rise of 4.9%. Following closely, Rutland saw a fall of 2.7% in the month. The annual change was a rise of 5.4% (to \u00c2\u00a3279,302).
\nBrighton and Hove saw the largest annual increase (20.1% to \u00c2\u00a3339,612), but Windsor and Maidenhead were not far behind with a 19.5% increase over the year (see paragraph above). The monthly change in Brighton and Hove was a fall of 0.4%.
\nThe largest annual decrease was yet again in Merthyr Tydfil, where prices fell by 4.0% to \u00c2\u00a399,424. This is, however, 2.4% higher than last month.
\nOnly five regions had a reducton in house prices over the year – Merthyr Tydfil (4.0%), Cornwall (2.1%), Blackburn with Darwen (2.1%), Halton (1.1%) and Blackpool (0.7%).
\nSource: Acadata<\/p>\n

Analysis of Land Registry\u00e2\u20ac\u2122s House Prices by Metropolitan District.<\/strong>
\nThe Land Registry\u00e2\u20ac\u2122s August survey shows the average prices of property by Metropolitan District as follows:
\nThe greatest monthly price increases were in North Tyneside and Knowsley, where the average prices were up by 1.8% to \u00c2\u00a3125,191 and \u00c2\u00a3103,835 respectively. These are 7.7% and 2.6% higher than last year.
\nThe largest fall in the month was in Sandwell – average prices fell by 3.3% to \u00c2\u00a388,115, which is 1.4% lower than last year.
\nThe largest annual rise is in Oldham yet again, where prices rose by 9.2% to an average of \u00c2\u00a383,995. However, this is down 1.3% from last month.
\nThe greatest annual decrease in price was in Barnsley, where prices fell by 2.6% to an average of \u00c2\u00a384,104. This is 2.1% lower than last month.
\nSource: Land Registry<\/p>\n

Rightmove\u00e2\u20ac\u2122s analysis of asking prices by London Borough.<\/strong>
\nIn the period 10th August to 6th September 2014, the largest increase in asking prices was in the boroughs of Enfield and Haringey, where prices rose by 3.9% to \u00c2\u00a3400,834 and \u00c2\u00a3620,917 respectively.
\nThe largest decrease in asking prices was in Kensington & Chelsea, where they fell by 3.7% in the month to \u00c2\u00a32,115,470. The average price fell by 1.8% over the year – the only borough to see an annual fall.
\nAnnually, the largest increase was yet again in Tower Hamlets, where prices rose by 27.1% over the year, to an average of \u00c2\u00a3596,941, although this is a fall of 1.6% over the month.
\nSource: Rightmove<\/p>\n

Acadata data analysed by London Borough<\/strong>
\nOver the month of July 2014, overall house prices in London increased by 1.4% to \u00c2\u00a3571,336. Over the year, the change is a 20.6% rise.
\nThe City of London had the largest monthly rise: up 9.2% to an average of \u00c2\u00a3912,561. The annual change here was a rise of 14.4%.
\nNext in line, Hammersmith & Fulham prices rose by 4.3% in the month to \u00c2\u00a3931,422, and the annual rise was 22.5%.
\nSouthwark saw the largest decrease this month – down 0.7% to \u00c2\u00a3516,859. However, this is 19.6% higher than last year.
\nLambeth had the highest annual increase of 39.6% to \u00c2\u00a3579,420 (monthly change is a 2.5% rise but the report says Lambeth saw a large jump in prices a few months ago due to the sale of some up-market waterfront flats on a new development.), followed by the City of Westminster’s 29.2% to \u00c2\u00a31,502,835, even though the monthly change was a fall of 0.1%.
\nThe lowest rise over the year was in Brent, where prices rose by 6.8% to an average of \u00c2\u00a3474,968 – a monthly rise of 0.5%.
\nBarking & Dagenham remains the cheapest borough in terms of house prices at an average of \u00c2\u00a3210,480, although this is a rise of 1.3% since last month, and of 12.5% since last year.
\nSource: Acadata<\/p>\n

Analysis of Land Registry\u00e2\u20ac\u2122s House Prices in Greater London.<\/strong>
\nThe Land Registry\u00e2\u20ac\u2122s August survey shows the average prices of property per London Borough as follows:
\nThe greatest monthly price increase is in Merton – the borough saw a rise of 3.4% in the month. The average price is now \u00c2\u00a3456,599, which is 22.9% higher than last year.
\nHavering saw the average house price fall 0.1% from last month to \u00c2\u00a3291,822. This was the only borough to see a decrease over the month.
\nThe biggest annual rise was in Lambeth, where prices rose by 28.9% to \u00c2\u00a3526,005, which is 1.5% higher than last month.
\nHarrow once again saw the smallest annual rise – up 9.6% to \u00c2\u00a3345,407. This borough saw a monthly rise of 0.8%.
\nSource: Land Registry<\/p>\n

Analysis of Nationwide\u00e2\u20ac\u2122s UK House Prices Index report for Q3 2014.<\/strong>
\nIn Quarter 3 of 2014, the average UK house price has been calculated (after seasonal adjustment) as \u00c2\u00a3188,810 by the Nationwide. This is 1.5% higher than Q2 2014, and shows a 10.5% increase since the same quarter last year. For the twelth 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.
\nRegionally over the quarter, East Anglia’s average price rose by 3.0% to \u00c2\u00a3194,680, whereas in the North of England, there was a drop of 2.1% to an average of \u00c2\u00a3121,990. Over the past year, London’s prices have risen by 21.0% to \u00c2\u00a3401,072, whereas the North’s prices rose by only 4.3%.
\nLondon had an increase in house prices of 21.0% on last year (as mentioned above), but only a 0.9% increase on last quarter. Westminster is still the most expensive borough, with the average price (\u00c2\u00a3984,075) over four times the average price in the cheapest borough, Barking & Dagenham (\u00c2\u00a3239,348).
\nCamden saw the strongest growth this quarter (42% to an average of \u00c2\u00a3884,103), whereas Brent saw the weakest (12% to \u00c2\u00a3489,973).
\nHouse prices in England have risen 1.2% over the quarter, and 12.8% over the year. The average house price in England is now \u00c2\u00a3225,768. The North is still the cheapest place in England to buy a property, where the average price was \u00c2\u00a3121,990 during the quarter.
\nWales\u00e2\u20ac\u2122 quarterly change was a drop of 0.8%, but the annual rise was 5.0%. The average price in Wales is now \u00c2\u00a3144,096, with Cardiff remaining the most expensive area – the average house price in Cardiff is \u00c2\u00a3228,720.
\nScotland\u00e2\u20ac\u2122s house prices rose 1.3% on last quarter, and rose 5.2% on last year, to an average price of \u00c2\u00a3142,288. Aberdeen City is still the most expensive place to buy a house in Scotland – the average price there is \u00c2\u00a3269,948.
\nHouse prices in Northern Ireland are now 10.2% up on last year, and 2.9% up on last quarter, standing at an average of \u00c2\u00a3119,782. The City of Belfast still has the highest prices at an average of\u00c2\u00a0\u00c2\u00a3188,240.
\nOn an annual basis, looking at towns and cities within England, after altering the basis of comparison, St Albans performed best, with house prices increasing by 24% since last year. The average price of a house in St Albans is now \u00c2\u00a3479,497.
\nThe worst performance in England was once again Newcastle, where prices rose by only 4% in the year. House prices here average \u00c2\u00a3182,506.
\nSource: Nationwide<\/p>\n

Nationwide sub-regional analysis of average house prices over the last 10 years.<\/strong>
\nAnalysing 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 87% to \u00c2\u00a3193,670. This is the highest rise outside London, where Camden’s average price has risen by 148% over the decade to \u00c2\u00a3884,103.
\nIn the West of Northern Ireland, the average price of \u00c2\u00a3116,266 is only 3% higher than 10 years ago.
\nOn the mainland, Northumberland fared worst, with house prices averaging \u00c2\u00a3168,968 – only 3% higher than a decade ago.
\nThe London Borough which saw the smallest rise is Barking & Dagenham, where average prices rose by 33% over the past ten years to \u00c2\u00a3239,348.
\nSource: Nationwide<\/p>\n

RICS Survey Overview.<\/strong>
\nThe RICS Residential Market Survey for August 2014 (published 11th September 2014) says that
\n“Price momentum remains strong \u00e2\u20ac\u00a6 despite agreed sales falling [for] the first time since September 2012”.<\/em>
\nFor a second month, East Anglia saw the largest price rise over the month, whilst London saw the smallest.
\nNorthern Ireland had the highest level of agreed sales in August, twhereas the North West saw the least.
\nThe North of England and Scotland had the highest levels of new buyer enquiries in the month whereas the South West and the West Midlands saw a drop.
\nThe highest levels of new vendor instructions were in London and the North. Once again, the North West saw the largest decrease in the month.
\nSource: Royal Institution of Chartered Surveyors<\/p>\n

oOo<\/p>\n

PROPERTY TYPES –<\/strong> The prices of all types of property are rising over the long-term, but flats and maisonettes are consistently rising faster than other types of property.<\/p>\n

Rightmove\u00e2\u20ac\u2122s Asking Prices by Property Type<\/strong>
\nIn the year to 6th September 2014, the average change over all property types was an increase of 7.9%. All types of property (which Rightmove classify) are priced higher than last year.<\/p>\n