My monthly property price summary looks at what all the main property price indices are reporting during the month. The indices range from Rightmove which only records asking prices through to Land Registry which is sold property prices but only tells us what has happened in the past.
Download the full report for June 2015
Kate's comments on the property price report headlines
“Three of the main reports suggest the market is moving forward, while others such as Nationwide and Agency Express are picking up a slowdown, and LSL’s data highlights the London market is slowing versus the rest of the South. It’s interesting that a slowing market has resulted with the media not really covering the property market in the national news so much. This could be quite helpful to producing a more stable market as people aren’t constantly being bombarded with scare stories about rising prices or prices falling! It also hopefully means local news stories of what’s happening to property prices can come from the agents rather than national price reports.”
Actual Report Headlines
Rightmove “Brakes removed from housing market as pre-election uncertainty is lifted.”
Home.co.uk “Property prices push higher despite political palpitations.”
NAEA “Step in the right direction for first time buyers.”
Nationwide “Annual house price growth slows in May.
Halifax “House prices in the three months to May were 2.0% higher than in the preceding three months.”
Agency Express “A sombre month for May.”
Acadata “House price growth in South East and East Anglia overtakes London.”
Land Registry “The April data shows a monthly price increase of 0.9 per cent.”
Average house prices vary from Manchester to Motherwell so it's important for us to look at how the house price market is looking around the nation.
Kate's comments on regional price differences
“The Hometrack Cities Index highlights that despite property price increases being reported, after eight years of a property recession, there are still 11 cities with prices lower than they were pre-credit crunch. Liverpool being 15% lower and Belfast an astonishing 49% lower. With price growth of around 3% predicted over the coming years, some of these areas may take 10 or more years to recover their property values. In the meantime, those areas which have recovered and moved forward, such as London, a new ‘affordability ceiling’ appears to be kicking in due to the MMR and the limit of lending at 4.5x income. The second half of this year will hopefully reveal what the future trends in the property market will be.”
Here's what the indices are saying about regional variations
Rightmove “Due to the shortage of suitable property for sale, even the election uncertainty only caused prices to drop in three out of the ten regions: London (which would have been hit hardest by mansion tax), the North East and Yorkshire & the Humber. (May 15)”
Home.co.uk “Home prices pushed on up despite political uncertainty over the last month, reflecting increasing and widespread confidence in the property market. In fact, average prices rose in all English regions, Scotland and Wales. Confidence is on the up even in the formerly lacklustre northern regions (the North East and North West), which have both jumped by a healthy 0.6% since April. (May 15)”
Acadata “While property values in the capital have dipped 0.6% month-on-month, prices have still risen steadily in other areas – reaching new records in the South East, East Anglia, and East and West Midlands in March. The headstart the housing market in London has traditionally exercised over the rest of the UK is retreating, and more of an even playing field is emerging instead. Average property values also hit new highs in Greater Manchester and Birmingham, as demand in other large cities continues to thrive away from the south-eastern extremities of the UK. (Apr 15)”
Hometrack “House price inflation across the 20 Cities Index accelerated in the three months to April as low mortgage rates and scarcity of supply keep an upward pressure on house prices. There is more scope for catch-up in house prices - 11 cities still have prices below 2007 levels, by as much as 15% in Liverpool and 49% in Belfast. (Apr 15)”
Land Registry “The region with the most significant annual price increase is London with a movement of 10.9 per cent. North East saw the only annual price fall with a decrease of 0.6 per cent. Yorkshire & The Humber experienced the greatest monthly price rise with a movement of 2.7 per cent. Wales saw the largest monthly decrease with a fall of 1.1 per cent. (Apr 15)”
Download the full report for June 2015
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