Peter Rollings commenting in response to today's Land Registry figures
Monday, 28 February 2011
"Amidst all the doom and gloom surrounding the UK’s housing market, house prices actually crept up in January. Prices are marginally lower than a year ago, when the average UK home value shot up by 2.1%, but it’s a clear indication that the housing market isn’t stuck in a downwards spiral. House prices have remained broadly flat in the last six months, and we will see marginal changes in the coming year as short-term factors take their toll on a subdued market. In January, an overspill in pre-Christmas demand, when buyer activity was reined in by the arctic weather and the festive holiday, pushed up competition for houses on the market in the following month.
"The picture painted is rosier for London, where prices leapt up both on a monthly and annual basis. It seems undisputable that London's housing market is now a different animal entirely from the rest of the UK. The real driving force of the capital’s market –cash-rich international and domestic investors - are untouched by the mortgage difficulties affecting the wider UK market. There is consistent glut in demand for good property across the centre of the capital – with over 14 buyers registering for every property placed on the market in 2011. With bonus season starting to kick-in and unrest in North Africa and the Middle East, we are seeing even stronger numbers of cash investors – and those with substantial deposits – looking to pump money into bricks and mortar before Stamp Duty is raised in April."
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