Land Registry datashows 6.7% annual house price rise
Fri 27 Feb 2015
According to the latest data from Land Registry, house prices in the UK saw an annual increase of 6.7%. This
takes the average property value in England and Wales to 179,492. House prices are up 1.3% since December.
The regional data indicates that the capital experienced the greatest increase in its average property value over
the last 12 months with a movement of 12%. The greatest monthly rise was experienced in the North West with a
movement of 2.6%. In the North East the lowest annual price growth was recorded with a movement of
0.1%.Yorkshire & The Humber saw the largest monthly price fall of 1.5%.
Sales and repossessions data for November 2014 show that the number of completed house sales in England &
Wales decreased by 19% to 68,107 compared with 83,726 in November 2013. The number of properties sold in
England and Wales for over 1 million decreased by 18% to 869 from 1,060 a year earlier. Repossession
volumes in England and Wales decreased by 47% to 687 compared with 1,286 in November 2013. London was
the region with the greatest fall in repossession sales.
Stephen Smith, Director, Legal & General Mortgage Club and Housing, had this to say: "The housing market
seems to have continued its forward momentum as prices are again on the rise. Homeowners may welcome this
increase to their property's value, but the fact is, rapid house price growth is not beneficial in the long term. To
achieve a healthy and sustainable market, where families are not priced out of certain areas, house prices need
to grow at a similar rate to inflation.
With demand for housing still strong, prices will continue to be pushed up unless we find a lasting solution. Put
simply we need to build more houses. This issue is very topical at the moment and has firmly claimed its place on
the political agenda as we run up to the election. However, there is still much work to be done to reach a balance
between supply and demand to it is important that political parties do not become complacent."
Peter Rollings, CEO of Marsh & Parsons, comments: "House price growth regrouped in January after an
underwhelming end to 2014. All the fundamentals are in place to help the market get back into its stride, and
stamp duty savings and competitive mortgages rates are already enticing buyers and sellers to the market and
upping demand. This is good news for the wider housing recovery, which at the moment is still largely restricted
to the South East as many other regions have a long way to go before they are within sights of the towering
annual growth witnessed in the capital. In these places, access to Help to Buy and more affordable properties are
the key stimulants invigorating demand at the entry level.
On a monthly basis, the London market is dialling back to more reasonable conditions after the whirlwind of last
year, allowing buyers some valuable let-up from cut-throat market conditions. A greater supply of properties on
the market is music to the ears of London home buyers, and this optimism is feeding into a healthy demand. A
feel-good factor at the culmination of the general election should get the top tiers of the property market moving
again as the uncertainty clears, and this is likely to mitigate any shortfall in the meantime."
27 Feb 2015