Press response to the Land Registry's HPI for May
Fri 27 Jun 2014
Peter Rollings, CEO of Marsh & Parsons comments: "After one of the busiest starts to the year we've ever experienced, price growth is beginning to slow, as a fresh supply of property comes onto the market to counter the imbalance with demand. The latest Land Registry House Price Index shows the average house price in England and Wales now stands at 172,035, down from 172,069 in April, demonstrating the self-regulatory nature of the market as it returns to normal.
"Not only does this give buyers' some breathing space from the fierce competition experienced earlier this year it is also good news for sellers who now have more choice for their onward purchase.
"London, where property is still in much higher demand, continues to be in a league of its own and unrepresentative of the UK market as a whole. However, the figures for April show a natural levelling off of the market with a monthly price increase of 2.5 per cent compared with 4.2 per cent in April, dispelling rumours of a housing bubble in the capital."