Are house prices up or down?
A new report states that house prices rose by 5.7% in the year to June to stand at a UK average of £277,000. The average “mix-adjusted” price in England was £290,000, £169,000 in Wales, £154,000 in Northern Ireland and £192,000 in Scotland. The highest price was in London at £513,000, while the English region with the lowest price was the north-east at £156,000.
Excluding London and the south-east, the average UK house price was £211,000.
While the average UK house price annual inflation was 5.6%, this masked large differences. Inflation stood at 6.1% in England, 9% in Northern Ireland, but just 0.8% in Wales. House prices fell an average 0.6% in Scotland.
The average UK first-time buyer paid 5.1% more this June than the year before. However, the latest rise is against the longer term trend which has seen house price inflation gradually falling since it peaked at 12% last September.
Another report suggests that it is not London driving national house price growth, but other areas such as the east of England and Northern Ireland which have seen price increases of 9.2% and 9% respectively. Demonstrating that the supply shortage is now a far-reaching problem that needs to be tackled imminently...
The new All-Party Parliamentary Group for Housing and Planning needs to drive national action from the centre and it needs to think innovatively to effect real change in the UK’s housing market, which may include decisions that aren’t universally popular.
Of course these figures are by necessity historical referring to sales that have reached the land registry data base which means they were arranged much earlier in the year. The summer holiday period has dampened down price rises due to a smaller number of buyers, but this should be short term as the autumn market quickly kicks in with a flurry of interest from buyers who want to be in for Christmas. Actual price increases for 2015, can only be accurately calculated during the early part of next year........
Now is the time to arrange that crucial valuation and get ready to sell in September. For a Free Market Appraisal, call 01993 779020 today.