{"id":8267,"date":"2014-06-03T15:06:33","date_gmt":"2014-06-03T14:06:33","guid":{"rendered":"http:\/\/www.propertysurveying.co.uk\/newsletter\/?page_id=8267"},"modified":"2014-06-09T11:20:27","modified_gmt":"2014-06-09T10:20:27","slug":"monthly-property-fact-file-june-2014","status":"publish","type":"page","link":"https:\/\/www.propertysurveying.co.uk\/newsletter\/?page_id=8267","title":{"rendered":"Property Market Monthly Fact File – June 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 172k (Land Registry) to 272k (Rightmove). <\/strong><\/p>\n

ONS House Price Index figures.<\/strong>
\nFigures for the year to March 2014, published by the Office for National Statistics on 20th May 2014, show that house prices increased by 8.0% over the year, to an average of \u00c2\u00a3252k.. This is a 0.5% fall over the month after seasonal adjustment. Excluding London and the South East, the average house price rose by 4.7% to \u00c2\u00a3195k.
\nFirst-time buyers’ average house price paid in March was \u00c2\u00a3193k. Over the year, this is an increase of 10.0%. Existing owners paid an average of \u00c2\u00a3290k in March, an increase of 7.2% over the year.
\nThe average price paid for a new-build dwelling was \u00c2\u00a3236k in March, which is an increase of 2.1% from last March. The average price paid for a pre-owned building was \u00c2\u00a3253k, which is 9.3% 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\u00a3172,069 as at the end of April 2014, according to the report published on 30th May 2014.
\nThe Monthly change in April in England and Wales was a 1.5% fall.
\nThe Annual change to end of April in England and Wales was a rise of 6.7%.
\nSource: Land Registry<\/p>\n

Halifax House Price Index figures.<\/strong>
\nThe average price of a house by the end of April 2014 was \u00c2\u00a3177,648, according to the Halifax House Price Index published 8th May 2014. House prices in April were 0.2% lower than in March, but the quarterly figure was up by 2.3%. The seasonally adjusted figures show that house prices are 8.5% 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

Nationwide House Price Index figures<\/strong>
\nNationwide House Price Index figures published on 3rd June 2014 showed that the average cost of a home in the UK, after seasonal adjustment, was \u00c2\u00a3186,512 during the month of May. This is an increase from April of 0.7%, and an annual rise of 11.1%. This is the thirteenth consecutive month which has seen a rise in house prices.
\nSource: Nationwide<\/p>\n

Rightmove House Price Index figures<\/strong>
\nRightmove\u00e2\u20ac\u2122s May survey (published 19th May 2014) shows the asking price of a typical UK property in the period from 6th April to 10th May 2014 was \u00c2\u00a3272,003, a rise of 3.6% on the previous month. House asking prices are 8.9% higher than a year ago.
\nSource: Rightmove<\/p>\n

Acadata House Price Index figures<\/strong>
\nLSL Property Services\/Acadata April figures, published 9th May 2014, show that the average house price in England and Wales was \u00c2\u00a3263,113 in the month. This is a 0.5% increase from March, but a 7.3% rise since last April.
\nSource: Acadata Ltd<\/p>\n

Land Registry figures including Repossessions.<\/strong>
\nThe headline figures in the April 2014 report are altered when repossession data is included – the average house price in April is then \u00c2\u00a3171,210: 1.7% up on March and 7.6% up on April 2013.
\nIn the quarter from November to February, the number of repossessions averaged 1,063 per month. In the same period last year, the average was 1,453 per month.
\nThere was a total reduction in the number of repossession sales over the year to February 2014 of 33% – 1,387 to 936. Regional analysis shows that at the extremes, the East Midlands had 40% fewer repossession sales compared to last February, whereas Wales had 15% fewer.
\nSource: Land Registry<\/p>\n

oOo<\/p>\n

HOUSE PRICES ANALYSED REGIONALLY.<\/strong>
\nGreater London and the South East consistently out-perform the more northern regions.<\/strong><\/p>\n

ONS House Price Index regional figures.<\/strong>
\nThe average house price in England in March 2014 was \u00c2\u00a3263k, \u00c2\u00a3164k in Wales, \u00c2\u00a3132k in Northern Ireland and \u00c2\u00a3181k in Scotland.
\nOver the year to March 2014, England’s rise was 8.5% and Wales’ by 4.9%.
\nNorthern Ireland’s rose by 0.3% and Scotland’s rose by 0.8%.
\nSplitting England into regions, London’s prices rose by 17.0% over the year to an average of \u00c2\u00a3459k, while the South East and the East of England rose by 6.1% and 6.6% respectively. The smallest rise was 3.1% in the North West (to an average of \u00c2\u00a3148k).
\nSource: ONS<\/p>\n

Regional trends in Rightmove Estate Agents Asking House Prices in England and Wales.<\/strong>
\nRightmove\u00e2\u20ac\u2122s May survey shows the asking price of a typical UK property in the period 6th April to 10th May 2014 as \u00c2\u00a3272,003.
\nThe largest monthly increase was in the South East, where asking prices rose by 4.5% over the period from \u00c2\u00a3335,799 to \u00c2\u00a3351,030. The annual change there was a rise of 7.8% – the second largest monthly increase.
\nThe smallest monthly increase was once again in the West Midlands where average prices rose by 0.7%, from \u00c2\u00a3196,952 to \u00c2\u00a3198,406. The annual change there was a rise of 2.8%.
\nThe largest annual rise was Greater London, where prices rose by 16.3% over the year from \u00c2\u00a3573,799 to an average of \u00c2\u00a3592,763. The monthly increase was 3.3%.
\nThe smallest annual rise is in the North, where prices rose by 0.1% over the year, from \u00c2\u00a3152,689 to \u00c2\u00a3152,790.
\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 April survey shows the prices of a typical UK property per region as follows:
\nThe largest monthly increases was in London, which saw an increase over the month of 4.2%, bringing the average house price in the region to \u00c2\u00a3435,034. This is 17.0%\u00c2\u00a0 higher than this time last year – the largest annual increase by far..
\nThe only monthly decrease in price was in the North East, where the average price fell
\n1.9% to \u00c2\u00a399,001, which is 2.9% higher than a year ago – the smallest annual increase.
\nSource: Land Registry<\/p>\n

Analysis of Acadata HPI by region<\/strong>
\nThe latest figures show that in March 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\u00a3261,913, which is\u00c2\u00a0 a 0.5% increase over the month and a 7.3% increase over the year.
\nThe largest rise in the month was Greater London – up 1.2% to an average of \u00c2\u00a3530,770.\u00c2\u00a0 The annual rise here was 13.2%, which is the largest of all the annual rises.
\nThe West Midlands saw no significant change in the month – a decrease from \u00c2\u00a3182,738 to \u00c2\u00a3182,683. However, this is 4.4% higher than last year.
\nThe smallest annual rise was in the North West, where prices increased by 2.7% over the year, to an average of \u00c2\u00a3159,557. The monthly rise here was 0.2%.
\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 April survey shows the prices of a typical UK property per county or unitary authority as follows:
\nThe greatest monthly price increase is in London, where the average price is up by 4.2% to \u00c2\u00a3435,034. This is 17.0% higher than last year – the greatest annual rise.
\nThe greatest monthly decrease in price was in Ceredigion and Blackburn with Darwen, where prices fell by 2.2% to an average of \u00c2\u00a3147,748 and \u00c2\u00a369,928 respectively, which is 7.1%\u00c2\u00a0 and 6.4% lower than last year.
\nAnnually, it’s the same line-up as February and March:\u00c2\u00a0 Greater London saw the largest annual price rise (see above) and the largest annual fall was in Blaenau Gwent, where prices fell by 19.4% to \u00c2\u00a362,329. However, this is 0.5% higher than March.
\nTwo counties \/ authorities saw no price movement in the month – Monmouthshire and Norfolk., although eight saw a difference of only 0.1%.
\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 March 2014 was Monmouthshire, where average prices rose by 5.2% to \u00c2\u00a3228,808. The annual change there was a rise of 5.3%.
\nNext is the Vale of Glamorgan, where prices rose by 3.1% in the month (9.4% annual rise) to an average of \u00c2\u00a3231,128.
\nBournemouth saw the largest decrease in average prices in the month – down 3.6% to \u00c2\u00a3204,824. The annual change was a rise of 2.3%.
\nOver the past year, Poole (once again) saw the largest increase – up 15.6% to \u00c2\u00a3312,404. Poole’s average house prices rose by 1.6% this month.
\nThe largest annual decrease was in Merthyr Tydfil, where prices fell by 9.3% to \u00c2\u00a399,102. However, this is 1.1% higher than last month.
\nSource: Acadata<\/p>\n

Analysis of Land Registry\u00e2\u20ac\u2122s House Prices by Metropolitan District.<\/strong>
\nThe Land Registry\u00e2\u20ac\u2122s April survey shows the average prices of property by Metropolitan District as follows:
\nThe greatest monthly price increase was in Gateshead, where the average prices were up by 4.4% to \u00c2\u00a398,842. This is 6.4% higher\u00c2\u00a0 than last year.
\nThe greatest monthly decrease in price was in Knowsley, where prices fell by 1.2% to an average of \u00c2\u00a3100,446. This is 1.6% lower than last year.
\nThe largest annual rise is once again in Oldham, where prices rose by 12.1% to an average of \u00c2\u00a382,845. However, this is 0.5% lower than last month.
\nThe largest annual fall was in Tameside -\u00c2\u00a0 average prices fell by 3.7% over the year to \u00c2\u00a390,148. This is no change from last year.
\nSource: Land Registry<\/p>\n

Rightmove\u00e2\u20ac\u2122s analysis of asking prices by London Borough.<\/strong>
\nIn the period from 6th April to 10th May 2014, the largest increase in asking prices was in Haringey, where they rose by 6.8% to an average of \u00c2\u00a3689,472. The annual rise was 14.7%.
\nThe smallest increase in asking prices was in Greenwich, where they rose by 0.6% in the month to \u00c2\u00a3352,883. However, they rose by 14.0% over the year.
\nAnnually, the largest increase was once again in Tower Hamlets, where prices rose by 43.1% over the year, to an average of \u00c2\u00a3620,131. The monthly increase here was 3.9%.
\nThe only annual decrease was in the City of Westminster, where the average asking price fell by 1.2% over the year to \u00c2\u00a31,649,211. The monthly increase was 5.3%.
\nSource: Rightmove<\/p>\n

Acadata data analysed by London Borough<\/strong>
\nOver the month to March 2014, overall house prices in London increased by 1.2%. Over the year, the change is a 13.2% rise.
\nOnce again, Lambeth had the largest monthly rise: up 5.0% to \u00c2\u00a3580,647. The annual rise here was 34.7%. This is the largest annual rise. The City of London also rose by 5.0% in the month to \u00c2\u00a3867,143. The annual change here was a rise of 13.6%.
\nHaringey was the borough with the largest decrease – down 6.0% to \u00c2\u00a3462,196. This is 4.3% higher than last year.
\nThe only borough to see a decrease in prices over the year was yet again the City of Westminster, where prices fell by 9.9% to \u00c2\u00a31,232,630. There was a slight fall over the month of 0.2%.
\nThe most expensive London borough to buy property is still Kensington and Chelsea, where the average price is now \u00c2\u00a31,940,519 – 3.7% higher than last month and 30.2% higher that last year.
\nBarking & Dagenham remains the cheapest borough in terms of house prices at an average of \u00c2\u00a3202,120, although this is a rise of 1.9% since last month, but 10.0% 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 April survey shows the average prices of property per London Borough as follows:
\nThere were no falls in the month or compared to last April.
\nThe greatest monthly price increase is in Ealing -\u00c2\u00a0 the borough saw a rise of 3.1% in the month. The average price is now \u00c2\u00a3405,581, which is 17.9% higher than last year.
\nHillingdon saw the smallest monthly rise – 0.1% to \u00c2\u00a3291,439, although this is 7.7% higher than last April.
\nThe biggest annual rise was onca again in Waltham Forest, where prices rose by 26.2% to \u00c2\u00a3323,288, which is 2.6% higher than last month.
\nRedbridge saw the smallest annual rise of 6.1%, to \u00c2\u00a3316,967. This borough saw a monthly rise of 0.2%.
\nSource: Land Registry<\/p>\n

RICS Survey Overview.<\/strong>
\nThe RICS Residential Market Survey for April 2014 (published 8th May 2014) says that ” Demand Supply imbalance contines to push prices higher”<\/em> and ” more favourable credit conditions \u00e2\u20ac\u00a6 have increased the supply of mortgage finance”..<\/em>
\nThe South East and East Anglia saw the largest price rises over the month, and Wales saw the smallest.
\nWales had the highest level of agreed sales in April, with every area seeing a rise, although the West Midlands’ was the smallest.
\nWales had the highest level of new buyer enquiries in the month whereas the West Midlands saw the lowest.
\nThe highest level of new vendor instructions was in the South West. All other regions except Scotland saw a decrease in new vendor instructions. The East Midlands saw the largest 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, with mixed results between the indices published. Prices of Flats are rising fastest.<\/strong><\/p>\n

Rightmove\u00e2\u20ac\u2122s Asking Prices by Property Type <\/strong>
\nIn the year to 10th May 2014, the average change over all property types was an increase of 8.9%. All types of property (which Rightmove classify) are priced higher than last year.<\/p>\n