Press response to ONS House Price Index
Tue 12 Nov 2013
Peter Rollings, CEO of Marsh & Parsons comments: "Despite a slight dip from the previous month, UK property prices are stabilising with moderate annual growth recorded in most parts of the country. Growth remains uneven across different regions of the UK, and there are still pockets of the country experiencing a fall in prices such as Scotland and Northern Ireland.
"However, the London property market is singing from a different hymn sheet, with price increases dwarfing those in the rest of the country. This is particularly true in Prime London, where over half of all homes are now worth 1million or above. This mornings figures also highlight the swelling prices at the entry level of the market, as Help to Buy fuels demand among first-time buyers. Our research has found that one-bedroom properties are appreciating at the fastest rate, with an average 60,000 increase in value in the past year.
"The historic lack of supply has been driving house values up at a faster rate, but government initiatives and low interest rates now seem to be encouraging first-time sellers to put their property on the market. For the first time in three quarters, we recorded a 5% increase in the number of properties available on the market in Prime London during the last three months. This slight easing of supply represents great news for buyers, and a move towards more normal market conditions."