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Your Local
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Covering West Essex

Your Local
Rated
Estate Agent

Your Local
Estate Agent
Covering West Essex

Your Local
Rated
Estate Agent

upward house price trend

 

 

Halifax has revealed that during the three months to October, house prices were 9.7% higher than in the same period last year - higher than September's 8.6%, and the highest since August 2014.

Average House Prices were 2.8% higher than in the previous three months, slightly above the average of 2.5% seen in 2015.

House prices continue to increase, 9.7% on an annual basis according to HalifaxOn a monthly basis, house prices rose by 1.1% between September and October, following last month’s 0.9% decrease.

Property transactions increased by 1% between August and September, to 106,030 - the second successive monthly rise. Sales in the three months to September were 4.4% higher than in the preceding three months.

 

Mortgage approvals are also continuing an upward trend, despite falling in September. The volume of mortgage approvals for house purchases increased by 4% between 

Q2 and Q3 despite a 2.5% decline in September. Approvals in the three months to September were 10% higher than in the same three months last year.

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).

Land registry data from the first 6 months of 2014 compared to the first 6 months of 2015 shows a stark difference in the volume of property transactions between the London Boroughs.

 

London Borough

Transactions of H1 2014

TRANSACTIONS OVER H1 2015

% CHANGE

Haringey

1,355

1,095

-19%

Barnet

2,366

1,985

-16%

Enfield

1,825

1,577

-14%

Source: Land Registry: http://landregistry.data.gov.uk/app/hpi/hpi 

The lack of property for sale has increased competition between buyers who are looking for similar properties to purchase.

On a slight tangent, in my personal experience, it is not due to a lack of people wanting move home but their inability to find a suitable property to move to. In one example, an elderly lady living on her own in a large 5 bedroom house has been unable to find somewhere the matches her requirements in the areas the she wishes to reside in. A house such as her’s is highly sought after however, from a generation that would prefer to find first, then sell their home, it is not proving fruitful.  

“Chicken & Egg Scenario”

 

A phrase I am hearing a lot recently from motivated sellers but the property they are looking to purchase to make that next step, be it an upward or downward move either doesn’t exist, hasn’t been on the market for a long time (e.g. bungalows) or they themselves have been priced out. 

The Property Ombudsman Trading Standards Rightmove