{"id":6558,"date":"2014-02-07T17:20:43","date_gmt":"2014-02-07T16:20:43","guid":{"rendered":"http:\/\/www.propertysurveying.co.uk\/newsletter\/?page_id=6558"},"modified":"2014-02-11T13:34:31","modified_gmt":"2014-02-11T12:34:31","slug":"property-market-monthly-fact-file-february-2014","status":"publish","type":"page","link":"https:\/\/www.propertysurveying.co.uk\/newsletter\/?page_id=6558","title":{"rendered":"Property Market Monthly Fact File – February 2014"},"content":{"rendered":"

<\/a>
\nBank 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 March, 2009.
\nSource: Bank of England<\/p>\n

oOo<\/p>\n

HOUSE PRICE INDICES – some show actual prices and others show asking prices.
\nThis month the average house price in England ranges from 167k (Land Registry) to 248k (Office for National Statistics). Not all indices show an increase in the month, but they do over the past year.<\/b><\/p>\n

ONS House Price Index figures.<\/b>
\nFigures for the year to November 2013, published by the Office for National Statistics on 14th January 2014, show that house prices increased by 5.4% over the year, to an average of \u00c2\u00a3248k..
\nFirst-time buyer’s average house price paid in November was \u00c2\u00a3187k. Over the year, this is an increase of 5.9%. Existing owners paid an average of \u00c2\u00a3284k in October, an increase of 5.1% over the year.
\nThe average price paid for a new-build dwelling was \u00c2\u00a3226k in November, which is an increase of 2.0% on last November. The average price paid for a pre-owned building was \u00c2\u00a3250k, which is 5.7% 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\u00a3167,353 as at the end of December 2013, according to the report published on 29th January 2014.
\nThe Monthly change in December in England and Wales was a 1.1% rise.
\nThe Annual change to December in England and Wales was a rise of 4.4%.
\nSource: Land Registry<\/p>\n

Halifax House Price Index – December 2013 figures.<\/b>
\nThe average price of a house by the end of December 2013 was \u00c2\u00a3173,467, according to the Halifax House Price Index published 8th January 2014. House prices in December were 0.6% lower than in November, but the quarterly figure was up by 1.9%. The seasonally adjusted figures show that house prices are 7.5% 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

Halifax House Price Index – January 2014 figures.<\/b>
\nThe average price of a house by the end of January 2014 was \u00c2\u00a3175,546, according to the Halifax House Price Index published 6th February 2014. House prices in January were 1.1% higher than in December, and the quarterly figure was up by 1.9%. The seasonally adjusted figures show that house prices are 7.3% 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 January 2014 showed that the average cost of a home in the UK, after seasonal adjustment, was \u00c2\u00a3176,491 during the month of January. This is an increase from December of 0.7%, and an annual rise of 8.8%.
\nSource: Nationwide<\/p>\n

Rightmove House Price Index figures<\/b>
\nRightmove\u00e2\u20ac\u2122s January survey (published 20th January 2014) shows the asking price of a typical UK property in the period from 9th December 2013 to 11th January 2014 was \u00c2\u00a3243,861, a rise of 1.0% on the previous month. House asking prices are 6.3% higher than a year ago.
\nSource: Rightmove<\/p>\n

Acadata House Price Index figures<\/b>
\nLSL Property Services\/Acadata December figures, published 10th January 2014, show that the average house price in England and Wales was \u00c2\u00a3240,134 in the month. This is only a 0.6% increase from November, but a 5.2% rise since last December
\nSource: Acadata Ltd<\/p>\n

Land Registry figures including Repossessions.<\/b>
\nThe headline figures in the December 2013 report are altered when repossession data is included – the average house price in December is then \u00c2\u00a3166,282: 1.2% up on November 2013\u00c2\u00a0 and 4.9% up on December 2012.
\nIn the months from July to October, the number of repossessions averaged 1,182 per month. In the same period last year, the average was 1,576 per month.
\nThere was a total reduction in the number of repossession sales over the year to October 2013 of 31% – 1,636 to 1,129. Regional analysis shows that at the extremes, the South West and East Midlands had 39% fewer repossession sales compared to last October, whereas Wales had 8% fewer.
\nSource: Land Registry<\/p>\n

oOo<\/p>\n

[back to top]<\/a><\/p>\n

HOUSE PRICES ANALYSED REGIONALLY ACROSS ENGLAND AND WALES<\/b><\/p>\n

Mixed fortunes for Yorkshire & Humberside, and the North\/South divide is increasing.<\/b><\/p>\n

ONS House Price Index regional figures.<\/b>
\nThe average house price in England in November 2013 was \u00c2\u00a3258k, \u00c2\u00a3167k in Wales, \u00c2\u00a3131k in Northern Ireland and \u00c2\u00a3184k in Scotland.
\nOver the year to November 2013, England’s rise was 5.6% and Wales’ by 5.4%.
\nNorthern Ireland’s rose by 3.3% and Scotland’s rose by 2.5%.
\nSplitting England into regions, London’s prices rose by 11.6% over the year, while the South East and the West Midlands regions rose by 4.5% and 4.4% respectively. The smallest rise was 0.6% in the North West.
\nSource: ONS<\/p>\n

Regional trends in Rightmove Estate Agents Asking House Prices in England and Wales.<\/b>
\nRightmove\u00e2\u20ac\u2122s January survey shows the asking price of a typical UK property in the period from 9th December 2013 to 11th January 2014 as \u00c2\u00a3243,861.
\nThere were only 2 regions with decreases over this period, and only 1 decrease over the year.
\nThe largest monthly increase was in Yorkshire & Humberside, where asking prices rose by 4.5% over the period from \u00c2\u00a3148,692 to \u00c2\u00a3155,371. The annual change there was a rise of 6.8%.
\nThe monthly decreases were in the the North and East Anglia. Average prices there fell by 1.0%, from \u00c2\u00a3138,179 to \u00c2\u00a3136,786, and from \u00c2\u00a3225,511 to \u00c2\u00a3225,015 respectively. The annual changes there are -0.1% and 5.6% respectively. The North therefore was the only region to see prices fall both monthly and annually.
\nThe largest annual rise was Greater London, where prices rose by 7.0% over the year from \u00c2\u00a3480,890 to an average of \u00c2\u00a3514,704. The monthly increase was 0.2%.
\nSource: Rightmove<\/p>\n

Regional Analysis of Land Registry\u00e2\u20ac\u2122s House Prices in England and Wales.<\/b>
\nThe Land Registry\u00e2\u20ac\u2122s December survey shows the prices of a typical UK property per region as follows:
\nThe largest monthly increase was in London, which saw an increase over the month of 2.6%, bringing the average house price in the capital to \u00c2\u00a3403,792. This is 11.2% higher than this time last year – the largest annual rise of all the regions.
\nThe largest monthly decrease in price is in Yorkshire & Humberside, where the average price fell 1.2% to \u00c2\u00a3116,012, although this is 0.5% higher than a year ago.
\nThe only annual drop in prices was in the North East, where prices fell by 0.1% to \u00c2\u00a397,596, although the monthly change was a rise of 1.3%.
\nSource: Land Registry<\/p>\n

Analysis of Acadata HPI by region<\/b>
\nThe latest figures show that by November 2013, all of the ten regions specified had an increase in house prices both monthly and annually.
\nThe largest rise in the month was Greater London – up 1.0% to an average of \u00c2\u00a3472,166. The annual rise here was 9.3%, which is the largest of all the annual rises.
\nYorkshire & Humberside saw the only monthly fall – a 0.2% decrease to \u00c2\u00a3157,464. However, this is 2.0% higher than last year.
\nThe North saw a the smallest annual rise in average house prices of 0.9% to \u00c2\u00a3143,161 – this is 0.1% higher than last month. There were no falls over the year.
\nSource: Acadata<\/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 December survey shows the prices of a typical UK property per county or unitary authority as follows:
\nThe greatest monthly price increase is Neath Port Talbot, where the average price is up by 3.3% to \u00c2\u00a384,815. This is 1.6% higher than last year.
\nThe greatest monthly decrease in price was Blaenau Gwent, where prices fell by 3.8% to an average of \u00c2\u00a366,920. This is 1.4% lower than last year.
\nThe largest annual rise was once again Greater London, where prices rose by 11.2% to \u00c2\u00a3403,792. This is 2.6% up on last month.
\nThe largest annual fall was in Hartlepool, where prices fell by 6.6% to \u00c2\u00a370,350. This is 1.6% lower than November.
\nFive counties \/ authorities saw no price movement in the month.
\nSource: Land Registry<\/p>\n

Analysis of Acadata HPI data by County\/Unitary Authority<\/b>
\nThe unitary authority with the largest increase in house prices in November 2013 was Monmouthshire, where average prices rose by 3.5% to \u00c2\u00a3222,474. The annual change there was a fall of 4.0%.
\nNext is Windsor & Maidenhead, where prices rose by 3.3% (4.4% annual rise) to an average of \u00c2\u00a3456,956.
\nDenbighshire saw the largest decrease in average prices in the month – down 2.1% to \u00c2\u00a3142,233. The annual change was a rise of 3.0%.
\nAnnually, the largest rise in average prices was Poole, where they rose by 12.9% to \u00c2\u00a3304,859. However, there was a fall of 1.7% over the month.
\nThe largest annual decrease was Flintshire, where prices fell by 6.7% to \u00c2\u00a3149,776. This is a drop of 0.7% over the month.
\nSource: Acadata<\/p>\n

Analysis of Land Registry\u00e2\u20ac\u2122s House Prices by Metropolitan District.<\/b>
\nThe Land Registry\u00e2\u20ac\u2122s December survey shows the average prices of property by Metropolitan District as follows:
\nThe greatest monthly price increase are in Oldham and Sunderland, where the average prices are up by 1.9% to \u00c2\u00a380,334 and \u00c2\u00a385,147 respectively.
\nThe greatest monthly decrease in price is in Barnsley, where prices fell by 1.8% to an average of \u00c2\u00a384,781. This is 0.5% lower than last year.
\nThe largest annual rise is in Manchester, where prices rose by 7.5% to an average of \u00c2\u00a396,458. This is 1.6% higher than last month.
\nThe largest annual falls were Knowsley’s and Rotherham’s – average prices fell by 3.4% over the year to \u00c2\u00a395,379 and \u00c2\u00a396,590 respectively.
\nSource: Land Registry<\/p>\n

Rightmove\u00e2\u20ac\u2122s analysis of asking prices by London Borough.<\/b>
\nIn the period from 9th December 2013 to 11th January 2014, the largest increase in asking prices was in Tower Hamlets, where they rose by 3.6% to an average of \u00c2\u00a3531,917. The annual rise was 24.7% – the largest annual increase.
\nThe greatest decrease in asking prices was in Westminster, where they fell by 8.3% in the month to \u00c2\u00a31,392,055. They fell by 3.6% over the year.
\nOnce again, Haringey saw an annual decrease, where average asking prices fell by 9.8% over the year to \u00c2\u00a3517,634. The monthly change there was a fall of 4.4%.
\nSource: Rightmove<\/p>\n

Acadata data analysed by London Borough<\/b>
\nOver the month to November 2013, overall house prices in London increased by 1.0%. Over the year, the change is a 9.3% rise.
\nEnfield had the largest rise: up 4.1% to \u00c2\u00a3319,307. The annual rise here was 9.5%.
\nAt the other end of the scale, the City of London saw the greatest fall in prices in the month: down 7.0% to \u00c2\u00a3663,101. The annual change was a rise of 34.1%. However, transaction volumes are low here, making for volatile changes.
\nExcluding the City of London, the City of Westminster saw the greatest decrease in house prices: down 2.0% over the month to \u00c2\u00a31,211,183. The annual change here was a drop of 3.2%. This was the only borough with a decrease over the year.
\nComparing November 2012 to November 2013, excluding City of London – see paragraph above – Hounslow saw the greatest increase: up 24.7% to \u00c2\u00a3440,615.
\nBarking & Dagenham remains the cheapest borough in terms of house prices at an average of \u00c2\u00a3184,385, although this is 1.2% higher than October, and 0.9% higher than last year.
\nSource: Acadata<\/p>\n

Analysis of Land Registry\u00e2\u20ac\u2122s House Prices in Greater London.<\/b>
\nThe Land Registry\u00e2\u20ac\u2122s December survey shows the average prices of property per London Borough as follows:
\nThe greatest monthly price increase is in Hackney -\u00c2\u00a0 the borough saw a rise of 2.6% in December. The average price is now \u00c2\u00a3502,129, which is 17.2% higher than last year – the highest annual rise of all the boroughs.
\nThere were no decreases in price either monthly nor annually, but Hounslow and Merton saw the smallest monthly rise (0.1% to \u00c2\u00a3312,625 and \u00c2\u00a3385,583 respectively), and Harrow saw the smallest annual rise (2.3% to \u00c2\u00a3312,625).
\nSource: Land Registry<\/p>\n

RICS Survey Overview.<\/b>
\nThe RICS Residential Market Survey for December 2013 (published 16th January 2014) says that the “lack of supply [is] continuing to drive price expectations” and that “sales and price expectations remain very firm”.
\nOnce again, London and the South East saw the largest price rises over the month, and the North saw the smallest rise in prices.
\nThe East Midlands had the highest level of agreed sales in December, with every area seeing a rise, although London and the South East were the lowest.
\nThe North and the East Midlands had the highest level of new buyer enquiries in the month, followed closely by the West Midlands. All regions saw a rise in this indicator, with East Anglia seeing the lowest of the regions..
\nThe highest levels of new vendor instructions were – by a large margin – in Scotland. East Anglia, the West Midlands, London and the South East were the only regions to see a decrease in the month.
\nSource: Royal Institution of Chartered Surveyors<\/p>\n

oOo<\/p>\n

[back to top]<\/a><\/p>\n

PROPERTY TYPES – The prices of all types of property are rising, although Flats\/Apartments seem to be rising faster than Detached, Semi-detached and Terraced properties.<\/b><\/p>\n

Rightmove\u00e2\u20ac\u2122s Asking Prices by Property Type <\/b>
\nIn the year to 11th January 2014, the average change over all property types was an increase of 6.3%. All types of property (which Rightmove classify) are higher than last year.<\/p>\n