{"id":6168,"date":"2013-12-04T11:25:24","date_gmt":"2013-12-04T10:25:24","guid":{"rendered":"http:\/\/www.propertysurveying.co.uk\/newsletter\/?page_id=6168"},"modified":"2013-12-04T11:25:24","modified_gmt":"2013-12-04T10:25:24","slug":"property-market-fact-file-december-2013","status":"publish","type":"page","link":"https:\/\/www.propertysurveying.co.uk\/newsletter\/?page_id=6168","title":{"rendered":"Property Market Fact File – December 2013"},"content":{"rendered":"

Bank Lending Rate <\/b>
\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 a record period, i.e. since 05th<\/sup> March, 2009.
\nSource: Bank of England<\/p>\n

oOo<\/p>\n

HOUSE PRICE INDICES – some show actual prices and others show asking prices. This month the average house price in England ranges from 165k to 246k. Not all indices show an increase in the month, but they all do over the past year.<\/b><\/p>\n

ONS House Price Index figures.<\/b>
\nFigures for the year to September 2013, published by the Office for National Statistics on 12th November 2013, show that house prices increased by 3.8% over the year, to an average of \u00c2\u00a3245k..
\nFirst-time buyers’s average house price paid in September was \u00c2\u00a3184k. Over the year, this is an increase of 5.3%. Existing owners paid an average of \u00c2\u00a3281k in September, an increase of 3.2% over the year.
\nThe average price paid for a new-build dwelling was \u00c2\u00a3228k in September, which is an increase of 5.9% on last September. The average price paid for a pre-owned building was \u00c2\u00a3246k, which is 4.7% higher than the previous year.
\nSource: ONS<\/p>\n

Land Registry\u00e2\u20ac\u2122s Property Prices in England and Wales<\/b>
\nThe Average price of a property in England and Wales is now \u00c2\u00a3165,515 as at the end of October 2013, according to the report published on 28th November 2013.
\nThe Monthly change in October in England and Wales was a 0.2% fall.
\nThe Annual change to October in England and Wales was a rise of 3.1%.
\nSource: Land Registry<\/p>\n

Halifax House Price Index figures.<\/b>
\nThe average price of a house by the end of October 2013 was \u00c2\u00a3171,991, according to the Halifax House Price Index published 6th November 2013. House prices in October were 0.7% higher than in September, and the quarterly figure was up by 1.6%. The seasonally adjusted figures show that house prices are 6.9% 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<\/b>
\nNationwide House Price Index figures published on 29th November 2013 showed that the average cost of a home in the UK, after seasonal adjustment, was \u00c2\u00a3174,566 during the month of November. This is an increase from October of 0.6%, and an annual rise of 6.5%.
\nSource: Nationwide<\/p>\n

Rightmove House Price Index figures<\/b>
\nRightmove\u00e2\u20ac\u2122s November survey (published 18th November 2013) shows the asking price of a typical UK property in the period from 13th October 2013 to 9th November 2013 was \u00c2\u00a3246,237, a fall of 2.4% on the previous month. However, house asking prices are 4.0% higher than a year ago.
\nSource: Rightmove<\/p>\n

Acadametrics House Price Index figures<\/b>
\nLSL Property Services\/Acadametrics’ October figures, published 8th November 2013, show that the average house price in England and Wales was \u00c2\u00a3237,161 in the month. This is only a 0.6% increase from September, but a 4.3% rise since last October.
\nSource: Acadametrics Ltd<\/p>\n

Land Registry figures including Repossessions.<\/b>
\nThe headline figures in the October 2013 report are altered when repossession data is included – the average house price in October is then \u00c2\u00a3164,273: 0.1% down on September 2013\u00c2\u00a0 and 3.9% up on October 2012.
\nIn the months from May to August, the number of repossessions averaged 1,277 per month. In the same period last year, the average was 1,630 per month.
\nThere was a total reduction in the number of repossession sales over the year to August 2013 of 29% – 1,682 to 1,200. Regional analysis shows that at the extremes, the North East had 7% fewer repossession sales compared to last August, whereas the South East had 41% fewer.
\nSource: Land Registry<\/p>\n

oOo<\/p>\n

HOUSE PRICES ANALYSED REGIONALLY ACROSS ENGLAND AND WALES. Mixed fortunes for Wales and Waltham Forest, although a universal North\/South divide appears.<\/b><\/p>\n

ONS House Price Index regional figures.<\/b>
\nThe average house price in England in September 2013 was \u00c2\u00a3255k, \u00c2\u00a3163k in Wales, \u00c2\u00a3127k in Northern Ireland and \u00c2\u00a3181k in Scotland.
\nOver the year to September 2013, England’s rise was 4.2% and Wales’ by 1.4%. Northern Ireland’s fell by 1.5% and\u00c2\u00a0 Scotland’s fell by 1.1%.
\nSplitting England into regions, London’s prices rose over the year by 9.4%, followed by the South East and the Yorkshire & Humberside region, which rose by 4.0% and 3.0% respectively. The only decrease was the North East, where prices fell by 0.3%.
\nSource: ONS<\/p>\n

Regional trends in Rightmove Estate Agents Asking House Prices in England and Wales.<\/b>
\nRightmove\u00e2\u20ac\u2122s November survey shows the asking price of a typical UK property in the period from 13th October 2013 to 9th November 2013 as \u00c2\u00a3246,237.
\nThere were no monthly increases.
\nThe smallest monthly decrease was in Wales, where asking prices fell by 0.4% over the period from \u00c2\u00a3165,708 to \u00c2\u00a3165,110. The annual change there was a rise of 1.3%.
\nThe largest monthly decrease was in Greater London. Average prices there fell by 5.0% from \u00c2\u00a3544,232 in October to \u00c2\u00a3517,276 in November. The annual change there was a rise of 6.9%.
\nThe largest annual rise was the East Midlands, where prices rose by 7.4% over the year to an average of \u00c2\u00a3168,873.
\nThe only annual fall was in the North, where prices fell 0.5% from \u00c2\u00a3142,200 to \u00c2\u00a3141,426 over the year. The monthly change was also a fall – 2.5%.
\nRightmove<\/p>\n

Regional Analysis of Land Registry\u00e2\u20ac\u2122s House Prices in England and Wales.<\/b>
\nThe Land Registry\u00e2\u20ac\u2122s October survey shows the prices of a typical UK property per region as follows:
\nThe largest monthly increase was in Wales, which saw an increase over the month of 2.4%, bringing the average house price in the region to \u00c2\u00a3117,097. This is 0.3% higher than this time last year.
\nThe largest monthly decrease in price is in the North East, where the average price fell 3.1% to \u00c2\u00a396,179, which is 0.8% lower than a year ago. This is the largest annual drop in prices.
\nAnnually, London’s prices rose by the most – 8.7% to an average of \u00c2\u00a3390,720.
\nSource: Land Registry<\/p>\n

Analysis of Acadametrics HPI data by region<\/b>
\nThe latest figures show that in September 2013, prices fell by 0.1% in both East Anglia\u00c2\u00a0 (down to \u00c2\u00a3207,307) and the West Midlands (down to \u00c2\u00a3174,361). Coincidentally, the annual increases were both 2.9%.
\nThe largest monthly rise was 1.0%, in both Wales and the South West, where average prices are \u00c2\u00a3152,779 and \u00c2\u00a3228,622 respectively. These are 0.5% and 3.2% higher than last year.
\nAll of the ten regions specified had an increase in house prices in the year to September 2013: by far the largest was Greater London – up 7.9% to an average of \u00c2\u00a3460,207. However, this is only 0.8% higher than August 2013. \u00c2\u00a0Wales saw a the smallest rise in average house prices of 0.5% to \u00c2\u00a3152,799 – this is 1.0% higher than last month.
\nSource: Acadametrics<\/p>\n

Analysis of Land Registry\u00e2\u20ac\u2122s House Prices in England and Wales by County\/Unitary authority.<\/b>
\nThe Land Registry\u00e2\u20ac\u2122s October survey shows the prices of a typical UK property per county or unitary authority as follows:
\nThe greatest monthly price increase is Carmarthenshire, where the average price is up by 2.3% to \u00c2\u00a3103,075. However, this is 2.9% down on last year.
\nThe greatest monthly decrease in price was Hartlepool, where prices fell by 4.0% to an average of \u00c2\u00a372,735. This is 8.6% lower than last year, the largest annual decrease.
\nThe largest annual rise was once again Greater London, where prices rose by 8.7% to \u00c2\u00a3390,720. This is 0.2% up on last month.
\nEight counties \/ authorities saw no price movement in the month.
\nSource: Land Registry<\/p>\n

Analysis of Acadametrics HPI data by County\/Unitary Authority<\/b>
\nThe unitary authority with the largest increase in house prices in September 2013 was Poole, where average prices rose by 6.3% to \u00c2\u00a3291,504. The annual rise there was 5.6%.
\nNext is Rutland, where prices rose by 6.1% (18.3% annual rise) to an average of \u00c2\u00a3306,755. However, this is a very small region, and therefore may not be considered a typical area.
\nThe City of Derby saw the largest decrease in average prices in the month – down 2.3% to \u00c2\u00a3139,722. The annual rate was a fall of 1.0%.
\nAnnually, the largest rise in average prices (setting aside Rutland – see above) was Bath & NE Somerset, where they rose by 11.7% to \u00c2\u00a3328,091. This is a rise of 2.1% over the month. The largest annual decrease was Middlesbrough, where prices fell by 10.2% to \u00c2\u00a3105,913. This is a drop of 1.4% over the month.
\nSource: Acadametrics<\/p>\n

Analysis of Land Registry\u00e2\u20ac\u2122s House Prices by Metropolitan District.<\/b>
\nThe Land Registry\u00e2\u20ac\u2122s October survey shows the average prices of property by Metropolitan District as follows:
\nThe greatest monthly price increase is shared by North Tyneside and Rochdale, where the average price is up by 2.6% in each, to \u00c2\u00a3119,832 and \u00c2\u00a388,073 respectively.\u00c2\u00a0 North Tyneside’s is 2.9% higher than last year, but Rochdale’s is 1.6% lower.
\nThe greatest monthly decrease in price is in Liverpool, where prices fell by 2.9% to an average of \u00c2\u00a389,364. This is 0.9% lower than last year.
\nThe largest annual rise is in Birmingham, where prices rose by 4.4% to an average of \u00c2\u00a3115,226.
\nKnowsley’s average price fell by 5.4% over the year to \u00c2\u00a398,391. This was the largest annual fall. The monthly drop here was 2.0%.
\nSource: Land Registry<\/p>\n

Rightmove\u00e2\u20ac\u2122s analysis of asking prices by London Borough.<\/b>
\nIn the period from 13th October 2013 to 9th November 2013, only one boroughs saw a rise in\u00c2\u00a0 asking prices.
\nThe only increase in asking prices was in Brent, where they rose by 1.0% to an average of \u00c2\u00a3735,413. The annual rise was 0.8%.
\nThe greatest decrease in asking prices was in Waltham Forest, where they fell by 6.8% in the month to \u00c2\u00a3325,518. However, they rose by 9.5% over the year.
\nAnnually, Hammersmith & Fulham’s rise was the largest of all the boroughs – asking prices rose by 19.1% over the year to \u00c2\u00a31,056,731.
\nCamden saw the only annual decrease, where average asking prices fell by 3.3% over the year to \u00c2\u00a3965,614. The monthly change there was a fall of 4.8%.
\nSource: Rightmove<\/p>\n

Acadametrics data analysed by London Borough<\/b>
\nOver the month to September 2013, overall house prices in London increased by 0.8%. Kensington & Chelsea had the largest rise – 3.7% to \u00c2\u00a31,596,869, maintaining this borough’s status as the most expensive in which to buy a property. The annual rise there was 10.9%.
\nAt the other end of the scale, the City of Westminster saw the greatest fall in prices both annually and monthly – 2.7% over the month, and 6.9% over the year.
\nBarking & Dagenham remains the cheapest borough in terms of house prices at an average of \u00c2\u00a3185,936, although this is 0.8% higher than August, and 4.9% higher than last year.
\nComparing September 2012 to September 2013, Haringey saw the largest increase in house prices – up 20.2% to an average of \u00c2\u00a3498.402. The monthly rise was 2.3%.
\nThe borough with the greatest decrease over the year was the City of Westminster (see above). The only other boroughs to see a fall in the year was Kingston upon Thames and Hillingdon, where prices fell in both by 0.1% to \u00c2\u00a3399,836 and \u00c2\u00a3291,216 respectively.
\nSource: Acadametrics<\/p>\n

Analysis of Land Registry\u00e2\u20ac\u2122s House Prices in Greater London.<\/b><\/b>
\nThe Land Registry\u00e2\u20ac\u2122s October survey shows the average prices of property per London Borough as follows:
\nThe greatest monthly price increase is shared by Waltham Forest and Redbridge -\u00c2\u00a0 both boroughs saw a monthly price rise of 1.7%. The average price in Waltham Forest is now \u00c2\u00a3282,746, which is 12.0% higher than last year.\u00c2\u00a0 The average price in Redbridge is now \u00c2\u00a3309,788, which is 5.6% higher than last year.
\nThe largest monthly drop was in Richmond-upon-Thames, where prices fell by 0.3% to \u00c2\u00a3512,284. This is a rise of 7.9% over the year.
\nThe largest annual price rise is in Lambeth, where prices rose by 13.1% to \u00c2\u00a3421,403, which is 1.3% higher than last month.
\nThe only annual decrease in price is once again in Newham, where prices fell by 0.8% to an average of \u00c2\u00a3229,682. However, this is 0.5% higher than month.
\nSource: Land Registry<\/p>\n

RICS Survey Overview.<\/b>
\nThe RICS Residential Market Survey for October 2013 (published 13th November 2013) says that\u00c2\u00a0 “Strong demand pushes sales expectations higher” and that\u00c2\u00a0 “the gap between demand and supply [.. ] is now at its greatest since May 2009”.
\nOnce again, London and the South East saw the largest price rises over the month. The North saw the smallest rise in prices.
\nThe North had the highest level of agreed sales in October, with every area seeing a rise, although East Anglia’s were the lowest.
\nWales had the highest level of new buyer enquiries in the month – all regions saw a rise in this indicator, with East Anglia once again seeing the lowest of the regions..
\nThe highest levels of new vendor instructions were in the North, with only East Anglia, London and the South East seeing a decrease in the month.
\nSource: Royal Institution of Chartered Surveyors<\/p>\n

oOo<\/p>\n

PROPERTY TYPES – The prices of all types of property are rising, although Semi-detached properties seem to be rising slower than the other types.<\/b><\/p>\n

Rightmove\u00e2\u20ac\u2122s Asking Prices by Property Type <\/b>
\nIn the year to 9th November 2013, the average change over all property types was an increase of 4.0%. All types of property (which Rightmove classify) are higher than last year.<\/p>\n