Land Registry: House Prices up 7.2%
Tue 28 Oct 2014
September data released from the Land Registry has shown a 7.2% increase in average prices but also that growth in the UK housing market is relaxing.
The key findings from this morning's announcement are that average house price in England & Wales are now 177,299, compared with a peak of 181,324 in November 2007. London experienced the highest annual increase in property value with a movement of 18.4 per cent. Yorkshire & The Humber saw the lowest annual price growth of 1.4 per cent.
Monthly house prices are down 0.2 per cent since August and there were 863 repossessions in England & Wales during July 2014. More than 93,350 residential properties in England & Wales lodged for registration in September. 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 18.4 per cent.
Peter Rollings , CEO of Marsh & Parsons, comments:
"House prices rises are flattening on a monthly basis, as growth relaxes after a rousing first half of the year. But considered as a whole, the UK property market is still on an upward trajectory and prices have seen a considerable uplift in the past year. London is still showing healthy annual growth, and the unparalleled draw of living or investing in what many regards as the world's greatest city gave the property market here a shortcut in the recovery. As a result, the average price of a Prime London home has risen by 163,973 over the past year.
But London's economy thrives on its global standing as an unbeatable destination both to live and to do business and talk of a 'mansion tax' and other populist wealth taxes threatens to erode this reputation. A quarter of all Prime London property purchases are made by overseas and foreign nationality buyers, though the vast majority have chosen to live and work here, adding hugely to the strength and vibrancy of the London economy. The uncertainty surrounding these proposals could shake the foundations of London's property market as the political rhetoric picks up ahead of May's general election, and we'd enter dangerous territory which could filter down to all sections of the market if these buyers packed up and turned their attentions elsewhere."