{"id":7539,"date":"2014-05-06T17:00:46","date_gmt":"2014-05-06T16:00:46","guid":{"rendered":"http:\/\/www.propertysurveying.co.uk\/newsletter\/?page_id=7539"},"modified":"2014-05-14T11:31:36","modified_gmt":"2014-05-14T10:31:36","slug":"property-market-fact-file-may-2014","status":"publish","type":"page","link":"https:\/\/www.propertysurveying.co.uk\/newsletter\/?page_id=7539","title":{"rendered":"Property Market Fact File – May 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 five years – a record period.
\nSource: Bank of England<\/p>\n

oOo<\/p>\n

HOUSE PRICE INDICES – some show actual prices and others show asking prices. <\/strong>
\nThis month the average house price ranges from 169k (Land Registry) to 263k (Rightmove). <\/strong><\/p>\n

ONS House Price Index figures.<\/strong>
\nFigures for the year to February 2014, published by the Office for National Statistics on 15th April 2014, show that house prices increased by 9.1% over the year, to an average of \u00c2\u00a3253k. This is a 1.9% rise over the month after seasonal adjustment. Excluding London and the South East, the average house price rose by 5.8%.
\nFirst-time buyers’ average house price paid in February was \u00c2\u00a3192k. Over the year, this is an increase of 10.5%. Existing owners paid an average of \u00c2\u00a3292k in February, an increase of 8.6% over the year.
\nThe average price paid for a new-build dwelling was \u00c2\u00a3245k in February, which is an increase of 6.0% from last February. The average price paid for a pre-owned building was \u00c2\u00a3254k, which is 9.4% 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 is now \u00c2\u00a3169,124 as at the end of March 2014, according to the report published on 30th April 2014.
\nThe Monthly change in March in England and Wales was a 0.4% fall.
\nThe Annual change to end of March in England and Wales was a rise of 5.6%.
\nSource: Land Registry<\/p>\n

Halifax House Price Index figures.<\/strong>
\nThe average price of a house by the end of March 2014 was \u00c2\u00a3178,249, according to the Halifax House Price Index published 4th April 2014. House prices in March were 1.1% lower than in February, but the quarterly figure was up by 2.3%. The seasonally adjusted figures show that house prices are 8.7% 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 1st May 2014 showed that the average cost of a home in the UK, after seasonal adjustment, was \u00c2\u00a3183,577 during the month of April. This is an increase from March of 1.2%, and an annual rise of 10.9%.
\nSource: Nationwide<\/p>\n

Rightmove House Price Index figures<\/strong>
\nRightmove\u00e2\u20ac\u2122s April survey (published 14th April 2014) shows the asking price of a typical UK property in the period from 9th March to 5th April 2014 was \u00c2\u00a3262,594, a rise of 2.6% on the previous month. House asking prices are 7.3% higher than a year ago.
\nSource: Rightmove<\/p>\n

Acadata House Price Index figures<\/strong>
\nLSL Property Services\/Acadata March figures, published 11th April 2014, show that the average house price in England and Wales was \u00c2\u00a3262,291 in the month. This is a 1.0% increase from February, but a 7.2% rise since last March.
\nSource: Acadata Ltd<\/p>\n

Land Registry figures including Repossessions.<\/strong>
\nThe headline figures in the March 2014 report are altered when repossession data is included – the average house price in March is then \u00c2\u00a3167,830: 0.3% down on February but 6.3% up on March 2013.
\nIn the quarter from October to January, the number of repossessions averaged 1,124 per month. In the same period last year, the average was 1,515 per month.
\nThere was a total reduction in the number of repossession sales over the year to January 2014 of 31% – 1,420 to 979. Regional analysis shows that at the extremes, the North East had 42% fewer repossession sales compared to last January, whereas the North West had 20% less.
\nSource: Land Registry<\/p>\n

oOo<\/p>\n

HOUSE PRICES ANALYSED REGIONALLY ACROSS ENGLAND AND WALES<\/strong>
\nGreater London and the South East consistently out-perform the other regions.<\/strong><\/p>\n

ONS House Price Index regional figures.<\/strong>
\nThe average house price in England in February 2014 was \u00c2\u00a3264k, \u00c2\u00a3167k in Wales, \u00c2\u00a3130k in Northern Ireland and \u00c2\u00a3183k in Scotland.
\nOver the year to February 2014, England’s rise was 9.7% and Wales’ by 5.3%.
\nNorthern Ireland’s rose by 2.8% and Scotland’s rose by 2.4%.
\nSplitting England into regions, London’s prices rose by 17.7% over the year, while the South East and the East of England rose by 8.0% and 7.7% respectively. The smallest rise was 2.9% in the North East.
\nSource: ONS<\/p>\n

Regional trends in Rightmove Estate Agents Asking House Prices in England and Wales.<\/strong>
\nRightmove\u00e2\u20ac\u2122s April survey shows the asking price of a typical UK property in the period 9th March to 5th April 2014 as \u00c2\u00a3262,594.
\nThe largest monthly increase was in the South West, where asking prices rose by 5.2% over the period from \u00c2\u00a3258,799 to \u00c2\u00a3272,321. The annual change there was a rise of 3.2%.
\nThe only monthly decrease was in the West Midlands where average prices fell by 0.5%, from \u00c2\u00a3195,204 to \u00c2\u00a3194,175. The annual change there was a rise of 0.8%, which was the smallest of all the annual rises.
\nAll regions saw a rise in the year, but the largest annual rise was Greater London, where prices rose by 15.9% over the year from \u00c2\u00a3493,635 to an average of \u00c2\u00a3572,348. The monthly increase was 3.6%.
\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 March survey shows the prices of a typical UK property per region as follows:
\nThe largest monthly increases were in the East and the North East, both of which saw an increase over the month of 1.1%, bringing the average house price in the regions to \u00c2\u00a3184,980 and \u00c2\u00a399,313 respectively. These are 7.1% and 3.3% higher than this time last year.
\nThe largest monthly decrease in price was in Wales, where the average price fell 4.2% to \u00c2\u00a3113,275, which is 1.6% lower than a year ago – the only annual fall.
\nThe largest annual rise was once again in London, where prices rose by 12.4% over the year to \u00c2\u00a3414,490, but only 0.6% over the month.
\nSource: Land Registry<\/p>\n

Analysis of Acadata HPI by region<\/strong>
\nThe latest figures show that in February 2014, all of the ten regions specified had an increase in house prices both monthly and annually.
\nFigures for England and Wales overall show an average house price of \u00c2\u00a3259,814, which is a 1.2% increase over the month and a 6.7% increase over the year.
\nThe largest rise in the month was Greater London – up 1.9% to an average of \u00c2\u00a3522,499. The annual rise here was 13.3%, which is the largest of all the annual rises.
\nEast Anglia saw the smallest monthly rise – a 0.3% increase to \u00c2\u00a3212,171. However, this is 1.6% higher than last year, which was the smallest of the annual rises.
\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 March survey shows the prices of a typical UK property per county or unitary authority as follows:
\nThe greatest monthly price increase is in Blackpool, where the average price is up by 3.1% to \u00c2\u00a380,395. This is 7.9% higher than last year.
\nThe greatest monthly decrease in price was once again in Merthyr Tydfil, where prices fell by 9.8% to an average of \u00c2\u00a359,041, which is 9.5% lower than last year.
\nAnnually, the same line-up as last month: Greater London saw the largest annual price rise – 12.4% up on last month to an average of \u00c2\u00a3414,490. However, the monthly rise there was only 0.6%
\nThe largest annual fall was in Blaenau Gwent, where prices fell by 15..7% to \u00c2\u00a361,860. This is 0.6% lower than February.
\nThree counties \/ authorities saw no price movement in the month – East Sussex, Southend-on-Sea and West Midlands.
\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 February 2014 was Rutland, where average prices rose by 5.5% to \u00c2\u00a3284,663. The annual change there was a rise of 0.8%.
\nNext is the Vale of Glamorgan, where prices rose by 2.9% in the month (5.4% annual rise) to an average of \u00c2\u00a3218,804.
\nMerthyr Tydfil saw the largest decrease in average prices in the month – down 2.3% to \u00c2\u00a398,010. The annual change was a fall of 8.7% which was the largest decrease.
\nOver the past year, Poole saw the largest increase – up 14.2% to \u00c2\u00a3307,344. Poole’s average house prices rose by 1.3% this month.
\nSource: Acadata<\/p>\n

Analysis of Land Registry\u00e2\u20ac\u2122s House Prices by Metropolitan District.<\/strong>
\nThe Land Registry\u00e2\u20ac\u2122s March survey shows the average prices of property by Metropolitan District as follows:
\nThe greatest monthly price increase was shared by Newcastle-upon-Tyne and Knowsley, where the average prices were up by 2.2% to \u00c2\u00a3115,510 and \u00c2\u00a3100,543 respectively. This is 3.3% higher and 2.1% lower – respectively – than last year.
\nThe greatest monthly decrease in price was in Wolverhampton, where prices fell by 3.4% to an average of \u00c2\u00a398,462. This is 0.3% higher than last year.
\nThe largest annual rise is once again in Oldham, where prices rose by 11.3% to an average of \u00c2\u00a383,806. This is 1.7% higher than last month.
\nThe largest annual fall was South Tyneside – average prices fell by 6.2% over the year to \u00c2\u00a392,202. This is 0.2% lower than last year.
\nSource: Land Registry<\/p>\n

Rightmove\u00e2\u20ac\u2122s analysis of asking prices by London Borough.<\/strong>
\nIn the period from 9th March to 5th April 2014, the largest increase in asking prices was in Brent, where they rose by 7.9% to an average of \u00c2\u00a3815,126. The annual rise was 17.8%.
\nThe only decrease in asking prices was in Richmond, where they fell by 0.5% in the month to \u00c2\u00a3817,202. However, they rose by 17.9% over the year.
\nAnnually, the largest increase was in Tower Hamlets, where prices rose by 39.5% over the year, to an average of \u00c2\u00a3595,280. The monthly increase here was 6.2%.
\nThe largest decrease as in Kensington & Chelsea, where the average asking price fell by 5.3% over the year to \u00c2\u00a32,233,471.
\nSource: Rightmove<\/p>\n

Acadata data analysed by London Borough<\/strong>
\nOver the month to February 2014, overall house prices in London increased by 1.9%. Over the year, the change is a 13.3% rise.
\nLambeth had the largest monthly rise: up 6.2% to \u00c2\u00a3551,662. The annual rise here was 31.5%. This is the largest annual rise.
\nAt the other end of the scale, City of London saw the greatest fall in prices in the month: down 3.1% to \u00c2\u00a3797,491. However, the annual change was a rise of 8.9%.
\nHammersmith and Fulham was the only borough to experience no change this month.
\nThe only borough to see a decrease in prices over the year was yet again the City of Westminster, where prices fell by 4.7% to \u00c2\u00a31,226,087. However this was a rise over the month of 3.5%.
\nThe most expensive London borough to buy property is still Kensington and Chelsea, where the average price is \u00c2\u00a31,842,220 – 2.0% higher than last month and 19.1% higher that last year.
\nBarking & Dagenham remains the cheapest borough in terms of house prices at an average of \u00c2\u00a3197,281. This is a drop of 0.1% since last month, but 8.1% higher than 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 March survey shows the average prices of property per London Borough as follows:
\nThe greatest monthly price increase is Lambeth – the borough saw a rise of 3.3% in the month. The average price is now \u00c2\u00a3462,684, which is 21.9% higher than last year.
\nHackney saw the largest monthly fall – 0.8% to \u00c2\u00a3525,022, although this is 19.0% higher than last March.
\nThe biggest annual rise was in Waltham Forest, where prices rose by 23.5% to \u00c2\u00a3315,102, which is 2.2% higher than last month.
\nHarrow saw the smallest annual rise of 4.4%, to \u00c2\u00a3322,022. This borough saw a monthly rise of 0.7%.
\nSource: Land Registry<\/p>\n

RICS Survey Overview.<\/strong>
\nThe RICS Residential Market Survey for February 2014 (published 13th March 2014) says that “Price momentum remains strong across all UK regions.<\/em>” and “Easier credit conditions are supporting this strengthening in activity”..<\/em>
\nThe South East saw the largest price rises over the month, and Wales saw the smallest.
\nThe West Midlands had the highest level of agreed sales in February, with every area seeing a rise except the South East.
\nThe North West had the highest level of new buyer enquiries in the month, followed closely by the North. All regions saw a rise in this indicator, but the South West’s was the smallest.
\nThe highest levels of new vendor instructions were in the North. The South West and London saw the largest decreases 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, with mixed results between the indices published. Detached properties are consistently higher than the average.<\/strong><\/p>\n

Rightmove\u00e2\u20ac\u2122s Asking Prices by Property Type <\/strong>
\nIn the year to 5th April 2014, the average change over all property types was an increase of 7.3%. All types of property (which Rightmove classify) are priced higher than last year.<\/p>\n