{"id":9565,"date":"2014-08-29T11:47:58","date_gmt":"2014-08-29T10:47:58","guid":{"rendered":"http:\/\/www.propertysurveying.co.uk\/newsletter\/?page_id=9565"},"modified":"2014-08-29T11:47:58","modified_gmt":"2014-08-29T10:47:58","slug":"property-market-monthly-fact-file-september-2014","status":"publish","type":"page","link":"https:\/\/www.propertysurveying.co.uk\/newsletter\/?page_id=9565","title":{"rendered":"Property Market Monthly Fact File – September 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 five years – a record period.
\nSource: Bank of England<\/p>\n

oOo
\nHOUSE PRICE INDICES – some show actual prices and others show asking prices.
\nThis month the average house price ranges from 176k (Land Registry) to 271k (Acadata),
\nwith varying movements in prices across the indices.<\/p>\n

ONS House Price Index figures.<\/strong>
\nFigures for the year to June 2014, published by the Office for National Statistics on 19th August 2014, show that house prices increased by 10.2% over the year, to an average of \u00c2\u00a3265k.\u00c2\u00a0 This is a 0.5% increase over the month after seasonal adjustment. Excluding London and the South East, the average house price rose by 6.3% to \u00c2\u00a3201k.
\nFirst-time buyers’ average house price paid in June was \u00c2\u00a3204k. Over the year, this is an increase of 12.0%. Existing owners paid an average of \u00c2\u00a3304k in June, an increase of 9.5% over the year.
\nThe average price paid for a new-build dwelling was \u00c2\u00a3243k in June, which is an increase of 3.9% from last June. The average price paid for a pre-owned building was \u00c2\u00a3266k, which is 10.7% 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\u00a3175,653 at the end of July 2014, according to the report published on 29th August 2014.
\nThe Monthly change in July was a rise of 1.7%.
\nThe Annual change to end of July was a rise of 7.2%.
\nSource: Land Registry<\/p>\n

Halifax House Price Index figures.<\/strong>
\nThe average price of a house by the end of July 2014 was \u00c2\u00a3186,322, according to the Halifax House Price Index published 6th August 2014. House prices in July were 1.4% higher than in June, and the quarterly figure was up by 3.6%. The seasonally adjusted figures show that house prices are 10.2% 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 29th August 2014 showed that the average cost of a home in the UK, after seasonal adjustment, was \u00c2\u00a3189,306 during the month of August. This is an increase from July of 0.8% after seasonal adjustment, and an annual rise of 11.0%. This is the sixteenth consecutive month in which Nationwide has seen a rise in house prices.
\nSource: Nationwide<\/p>\n

Rightmove House Price Index figures<\/strong>
\nRightmove\u00e2\u20ac\u2122s August survey (published 18th August 2014) shows the asking price of a typical UK property in the period from 13th July to 9th August 2014 was \u00c2\u00a3262,401, a drop of 2.9% on the previous month. House asking prices are 5.3% higher than a year ago.
\nSource: Rightmove<\/p>\n

Acadata House Price Index figures<\/strong>
\nLSL Property Services\/Acadata July figures, published 8th August 2014, show that the average house price in England and Wales was \u00c2\u00a3270,636 in the month. This is a 0.6% increase from June, but a 9.9% rise since last July. Excluding London and the South East, the annual rise was 4.6%.
\nSource: Acadata Ltd<\/p>\n

Land Registry figures including Repossessions.<\/strong>
\nThe headline figures in the July 2014 report are altered when repossession data is included – the average house price in July is then \u00c2\u00a3174,921: a 1.8% rise from June and 7.7% up on July 2013.
\nIn the quarter from February to May ’14, the number of repossessions averaged 966 per month. In the same period last year, the average was 1,430 per month.
\nThere was a total reduction in the number of repossession sales over the year to May 2014 of 42% – 1,488 to 857. Regional analysis shows that at the extremes, the East Midlands had 57% fewer repossession sales compared to last May, whereas Wales had 18% fewer.
\nSource: Land Registry<\/p>\n

oOo
\nHOUSE PRICES ANALYSED REGIONALLY.
\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 June 2014 was \u00c2\u00a3276k, \u00c2\u00a3166k in Wales, \u00c2\u00a3137k in Northern Ireland and \u00c2\u00a3193k in Scotland.
\nOver the year to June 2014, England’s average house price rise was 10.7%, Scotland’s was 6.0% and Wales’ was 3.5%. Northern Ireland’s prices rose by 4.9%.
\nSplitting England into regions, London’s prices rose by 19.3% over the year to an average of \u00c2\u00a3499k, while the smallest rise was 4.4% in the North East to an average of \u00c2\u00a3150k.
\nSource: ONS<\/p>\n

Regional trends in Rightmove Estate Agents Asking House Prices in England and Wales.<\/strong>
\nRightmove\u00e2\u20ac\u2122s July survey shows the asking price of a typical UK property in the period 13th July to 9th August 2014 was \u00c2\u00a3262,401.
\nThe only monthly increase was in the North, where asking prices rose by 0.5% over the period from \u00c2\u00a3148,572 to \u00c2\u00a3149,354. The annual change there was a fall of only \u00c2\u00a38 – statistically totally insignificant.
\nThe largest monthly decrease was in Greater London, where average prices fell by 5.9% from \u00c2\u00a3587,174 to \u00c2\u00a3552,783. The annual change here was a rise of 10.3% (the largest annual rise).
\nThe second largest annual rise was 5.3% in the South West, where prices have risen from \u00c2\u00a3260,605 last Augus to \u00c2\u00a3274,307 this August.
\nNone of the regions saw an annual fall, although the change is the North was zero (see above).
\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 July 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 3.3%, bringing the average house price in the capital to \u00c2\u00a3457,072. This is 19.3%\u00c2\u00a0 higher than this time last year – the largest annual increase.
\nThe largest monthly decrease in price was once again in Yorkshire & Humberside, where the average price fell 0.6% to \u00c2\u00a3118,835, which is 3.1% higher than a year ago.
\nNo regions had a drop in prices over the year, but the smallest annual increase was in the North East which saw a rise of 2.0% over the year to \u00c2\u00a3100,834 – a 0.5% drop on last month.
\nSource: Land Registry<\/p>\n

Analysis of Acadata HPI by region<\/strong>
\nThe latest figures show that for the year to June 2014, all of the ten regions specified had an increase in house prices. However, in the month, only London, the South East and the East Midlands saw a rise. Prices in the North West stayed the same.
\nFigures for England and Wales overall show an average house price in June of \u00c2\u00a3269,012, which is a 0.6% increase over the month and an 9.7% increase over the year.
\nThe largest rise in the month was in Greater London – up 2.0% to an average of \u00c2\u00a3560,386.\u00c2\u00a0 The annual rise here was 19.0% – the largest annual rise. (See below paragraph for analysis by borough.)
\nThe West Midlands saw the largest drop in the month – down 0.4% to \u00c2\u00a3182,713. However, this is 4.5% higher than last year.
\nAnnually, as mentioned, London saw the highest rise, and the second highest was the South East – up 8.4% to an average of \u00c2\u00a3309,831 which is 0.3% higher than last month.
\nNo region experienced a fall over the year, but the smallest rise was in Yorkshire & Humberside, where prices rose by 3.2% to \u00c2\u00a3162,431. The monthly change here was a fall of 0.3%.
\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 July survey shows the prices of a typical UK property per county or unitary authority as follows:
\nThe greatest monthly price increase is once again in Merthyr Tydfil, where the average price is up by 4.3% to \u00c2\u00a366,122. However, this is 4.5% lower than last year.
\nThe greatest monthly decrease in price was 3.5% in the Isle of Anglesey, where the average price is \u00c2\u00a3128,300, which is 3.9% higher than last year.
\nAs mentioned above, Greater London saw the largest annual price rise (19.3% to an average of\u00c2\u00a0 \u00c2\u00a3457,072).
\nThe largest annual fall was once again in Blackburn with Darwen, where prices fell by 7.6% to \u00c2\u00a367,617. This is 0.4% lower than June.
\nOf the 101 counties\/unitary authorities defined, 39 saw movement of only \u00c2\u00bd a percent or less with only four of them seeing zero price movement in the month. Denbighshire is the only one to have the average house price stay the same as last year, although Swansea, Cumbria, Neath Port Talbot and Stoke on Trent all saw changes of less than \u00c2\u00bd a percent in the year.
\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 June 2014 was the Isle of Anglesey, where average prices rose by 4.8% to an average of \u00c2\u00a3170,457. The annual change there was a rise of 11.6%. The next largest monthly increase was in Monmouthshire, where prices rose by 2.8% to \u00c2\u00a3237,114, and the annual rise was 8.9%.
\nPoole saw the largest decrease in average prices in the month – down 3.0% to \u00c2\u00a3313,557. The annual change there was a rise of 20.0%, the largest annual rise. Following closely, Carmarthenshire and Northumberland both saw falls of 2.8% in the month. Their annual changes were a fall of 0.1% (to \u00c2\u00a3128,190) and a rise of 5.9% (to \u00c2\u00a3178,859) respectively.
\nAs mentioned already, Poole has seen the largest annual increase -\u00c2\u00a0 but Brighton & Hove were not far behind with an 18.8% increase over the year. The monthly change here was a rise of 0.7% to an average of \u00c2\u00a3342,037.
\nThe largest annual decrease was yet again in Merthyr Tydfil, where prices fell by 7.3% to \u00c2\u00a396,054. This is 1.6% lower 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 July survey shows the average prices of property by Metropolitan District as follows:
\nThe greatest monthly price increase was in Bury, where the average prices were up by 2.6% to \u00c2\u00a3112,517. This is 6.0% higher\u00c2\u00a0 than last year.
\nThe largest fall in the month was in Salford -\u00c2\u00a0 average prices fell by 1.3% to \u00c2\u00a393,151. This is 8.0% higher than last year.
\nThe largest annual rise is in Oldham yet again, where prices rose by 12.0% to an average of \u00c2\u00a385,934. However, this is up just 1.5% from last month.
\nThe greatest annual decrease in price was yet again in St Helens, where prices fell by 1.7% to an average of \u00c2\u00a392,689. This is 0.1% lower than last month.
\nSource: Land Registry<\/p>\n

Rightmove\u00e2\u20ac\u2122s analysis of asking prices by London Borough.<\/strong>
\nIn the period 13th July to 9th August 2014, there were no increases in asking prices
\nThe smallest decrease was in Bexley, where they fell by 1.9% to an average of \u00c2\u00a3261,943. The annual change was a rise of 17.2%.
\nThe largest decrease in asking prices was once again in Wandsworth, where they fell by 8.4% in the month to \u00c2\u00a3785,775. However, they rose by 12.0% over the year.
\nAnnually, the largest increase was yet again in Tower Hamlets, where prices rose by 32.0% over the year, to an average of \u00c2\u00a3606,403. The monthly change here was a fall of\u00c2\u00a0 2.3%.
\nThe only annual fall was in Kensington & Chelsea, where prices fell by 1.4% over the year, and by 7.0% last month.
\nSource: Rightmove<\/p>\n

Acadata data analysed by London Borough<\/strong>
\nOver the month to June 2014, overall house prices in London increased by 2.0% to \u00c2\u00a3560,386. Over the year, the change is a 19.0% rise.
\nThe City of Westminster once again had the largest monthly rise: up 6.2% to an average of \u00c2\u00a31,452,993.\u00c2\u00a0 The annual change here was a rise of 15.1%.
\nNext in line, the City of London prices rose by 5.0% in the month to \u00c2\u00a3859,103, and the annual rise was 13.5%.
\nLambeth saw the largest decrease this month – down 2.4% to \u00c2\u00a3584,703. However, this is 38.5% higher than last year, which is the highest annual rise. (The report says Lambeth has seen a large jump in prices due to the sale of some up-market waterfront flats on a new development.)
\nLambeth had the highest annual increase (see above), followed by Kensington & Chelsea’s 32.0% to \u00c2\u00a31,993,068 keeping it\u00c2\u00a0 the most expensive London borough to buy property, even though the monthly rise was only 2.9%.
\nBarking & Dagenham remains the cheapest borough in terms of house prices at an average of \u00c2\u00a3207,368, although this is a rise of 0.3% since last month, and of 11.4% 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 July survey shows the average prices of property per London Borough as follows:
\nThe greatest monthly price increase is in Islington -\u00c2\u00a0 the borough saw a rise of 3.5% in the month. The average price is now \u00c2\u00a3645,272, which is 20.4% higher than last year.
\nHackney saw the average house price fall 0.9% from last month to \u00c2\u00a3563,928. This was the only borough to see a decrease over the month.
\nThe biggest annual rise was yet again in Waltham Forest, where prices rose by 29.3% to \u00c2\u00a3342,294, which is 2.5% higher than last month.
\nHarrow saw the smallest annual rise of 9.3%, to \u00c2\u00a3340,982. This borough saw a monthly rise of 0.6%.
\nSource: Land Registry<\/p>\n

RICS Survey Overview.<\/strong>
\nThe RICS Residential Market Survey for July 2014 (published 14th August 2014) says that “while the national picture appears to be broadly resilient, the London indicators are going into reverse<\/em>.” and that “the pace of activity may be shifting down a gear at the national level<\/em>“.
\nThis month, East Anglia saw the largest price rises over the month, whilst London saw the smallest.
\nScotland had the highest level of agreed sales in July, with every area seeing a rise except for London and the South East.
\nThe North of England had – by a large margin – the highest level of new buyer enquiries in the month whereas London and the East Midlands saw a drop in numbers.
\nThe highest level of new vendor instructions was in the North. Other regions which saw a rise were Wales, London and Yorkshire & Humberside. The North West saw the largest decrease in the month, followed closely by East Midlands.
\nSource: Royal Institution of Chartered Surveyors<\/p>\n

oOo
\nPROPERTY TYPES – 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 9th August 2014, the average change over all property types was an increase of 5.3%. All types of property (which Rightmove classify) are priced higher than last year.<\/p>\n