Price rises relax; May sees +0.4% ? Land Registry
Thu 26 Jun 2014
House prices rose by a relatively gentle 0.4% in May, with 72,450 sales ranging from 7,000 to 39m. The annual price increase now stands at +6.7% across England and Wales, according to the latest from the Land Registry. Aprils growth was more than three times as high, at +1.5%. Million-plus deals across the country are up by 28% on the year, from 647 in March 2013 to 840 in March this year; Londons 1m+ transactions are 26% up, from 458 to 577 March to March. London topped the price growth table once again, posting a +2.5% for the month (from +4.2% in April) to take the capitals annual average price increase to +18.5% -considerably higher than other regions, says the Registry. The average price of property in the capital is 439,719 in comparison with the average for England and Wales of 172,035. Wandsworth saw the biggest monthly movement, with the average price lifting by 2.9% in March; Waltham Forest, meanwhile, has the highest annual increase, at +26.3%. Westminster saw prices rise by 1.5% in the month to take the annual increase to +18% and the average price to 943,151; K&C saw prices rise by 0.8% in the month to take the annual increase to +14.5% and the average price to 1,284,931. The most up-to-date figures available show that during March 2014 the number of completed house sales in England & Wales increased by 16% to 63,587, compared with 54,708 in March 2013. Marsh & Parsons has been first out of the gates with a comment. Peter Rollings, CEO of Marsh & Parsons: After one of the busiest starts to the year weve 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.