Housing market flat in June- Land Registry
Sun 27 Jul 2014
House prices in June were 6.4% higher than a year ago although the market saw no growth between May and June, figures from the Land Registry have shown.
The official government data showed the average property price in England and Wales stood at 172,011 at the end of the month. This represented a 6.4% increase on the same period a year before. This was largely driven by London with prices in the capital rising by an average of 16.4% in the last 12 months. However, month-on-month that growth has slowed to almost nothing with prices in the capital rising 0.1% on May's figures.
The England and Wales average is flat with house prices dropping back in seven of the ten regions covered. Yorkshire and the Humber saw the most significant monthly price fall of 1.3%. The other areas of the country to post a fall were the East, East Midlands, North East, North West, South West and Wales. The West Midlands saw the strongest growth with prices growing 1.9%. Overall, 78,530 residential properties were lodged for registration across England and Wales in June with prices ranging from 11,500 to 20,150,000.
Andy Knee, chief executive of LMS, said: "For first time buyers this highlights yet again the difficulty in making the leap on to the property ladder. With wages yet to see significant improvement this begs the question how many first time buyers would be able to take that step without a helping hand from the Bank of Mum and Dad. "It's crucial that the government makes sure that owning property, especially in the South, does not just become the preserve of the wealthy."
Peter Rollings, CEO of Marsh & Parsons, said: "After a frenetic start to the year, the pace of house price growth has slowed this quarter as the market stabilises and returns to more normal trading conditions. "With more choice coming onto the market, sellers are able to find their next onward purchase and consider trading up. Calmer conditions in the market have meant buyers view purchasing London prime property as a less daunting process than has been the case previously."