Mortgage Introducer: November house prices up 0.3pc since October
Wed 02 Jan 2013
November house prices were up 0.3% since October with the average house price in England and Wales now 161,490.
The South East tops the table of regional applications with 262,078 in November while almost 63,700 residential properties in England and Wales lodged for registration in November ranging from 10,000 to 17 million.
The region in England and Wales which experienced the greatest increase in its average property value over the last 12 months is London with a movement of 5.9%.
The North East experienced the greatest monthly rise with an increase of 2.4%.
The North East also experienced the greatest annual price fall with a decrease of 2.9%.
Wales saw the most significant monthly price fall with a decrease of 1.6%.
The most up-to-date figures available show that during September 2012, the number of completed house sales in England and Wales decreased by 21% to 50,517 compared with 63,552 in September 2011.
The number of properties sold in England and Wales for over 1 million in September 2012 decreased by 19 per cent to 613 from 753 in September 2011.
Peter Rollings, CEO of estate agent Marsh & Parsons. said: Rising national house prices will provide cheer for homeowners who have seen their equity dwindle since the initial credit crunch, but the falling number of moves taking place highlights the topsy-turvy nature of last years housing market.
Even as late as September the market was struggling to come to terms with distractions earlier in the summer, which hampered the number of buyers in a position to finalise moves in the month."
But recent improvements in mortgage lending, combined with rising national house prices point towards a more positive end to the year and start to 2013. If the cheaper funds from the FLS can find their way to first-time buyers without substantial deposits, it will go some way towards seeing transactions rebound sustainably and bridging the price growth gap between London and the rest of the country.
Jonathan Hopper, managing director of the property search consultants, Garrington, added: "Regional disparities and price volatility defined 2012 and are once again apparent in the November data.
"For prices to have grown by 0.9% over the year underlines the resilience of the property market."
"What's resoundingly clear is that the South is in a far stronger position than the North and Wales. This trend looks set to continue as we move into 2013."
"Given what we have just been through, specifically the double dip recession, UK prices overall have stood up fairly well."
"December was a surprisingly strong month in terms of both transactions and new enquiries and should be a good springboard for activity in January."
"The Funding for Lending scheme is certainly starting to have a beneficial effect on the market, as rates come down even at higher LTVs."
"Prices will remain volatile due to low transaction levels but they will not collapse. Clearly, there is the potential for a Black Swan Event in Europe but barring that, I would say the worst is behind us."
"The capital, driven by its prime and super-prime boroughs, remains in a league of its own and if it weren't for London, average UK prices would be a lot lower."
Click here for original article