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Covering West Essex

Your Local
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Your Local
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Covering West Essex

Your Local
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House prices up, transaction numbers down, where is this going?

House prices continue to rise across England and Wales while the number of transactions is down, the Land Registry has reported.

Nationwide this morning reported that house prices across the UK went up 0.6% this month, now at an average of £196,807 (every person looking to purchase a property in London just rolled their eyes) as the average price here is just under half a million pounds at £499,997.

The latest month for which transaction data is available, according to the Land Registry, in July –there were 81,696 sales, compared with 84,691 in July 2014, yet this was still the highest figure of the year so far, just as they were the year before.

Revealingly, sales transactions figures have been down every single month of this year compared with the corresponding month of 2014.

The biggest falls were in January and May, of 10%, many people have attributed this to the change in Stamp Duty thresholds and of course the run up to the General Election and the uncertainty over which government would come in to power.

If this trend continues, there will be fewer transactions this year than compared to 2014. The Land Registry says there were 914,909 sales competed in 2014.

Transaction figures decreased by 4% across England and Wales on an annual basis, in London, transactions fell by 10%.

The number of sales at;

- under £250,000 dwindled by almost half due to increases in value while sales of homes over £1m also fell hard in the wake of Stamp Duty reforms.

- between £1m and £1.5m were down 7%

- between £1.5m and £2m, fell 23%

- over £2m, fell 26%.

In only one region – the north-east – are prices down annually, by -0.3%. It was also the only region where prices fell monthly, down 0.3% between August and September, to stand at £99,559.

The average price across the whole of England and Wales in September was £186,553, up 5.3% annually and 1% on the month.

 

The region with the biggest growth both monthly and annually was London (up 1.8% and 9.6% respectively).

The Property Ombudsman Trading Standards Rightmove