Comment on ONS' HPI for June 2015
Tue 18 Aug 2015
Peter Rollings, CEO of Marsh & Parsons, comments: "The flavour of property price growth across the country is more vanilla than some of the spicier rises we've become accustomed to, with overall average values increasing by only small measures in the month to June.
"Price rises in London continue to be overpowered by the East and South East for the moment, but theres a different mix of ingredients now at work in the capital. Costlier property taxes at the highest rungs of the market have forced London off the boil, and dampened the appetite in the market momentarily. There are signs that London buyers are starting to swallow these increased stamp duty costs, and during the second quarter of the year, we saw buyer registrations soar by 17% - up against a supply boost of just 10%. This fundamental imbalance will ensure price growth simmers on into the autumn, and in the Prime market weve already seen property values start to solidify again, recording the first quarterly rise since September 2014."
ONS House Price Index, June 2015
UK house prices increased by 5.7% in the year to June 2015, up from 5.6% in the year to May 2015.
House price annual inflation was 6.1% in England, 0.8% in Wales, 9.0% in Northern Ireland and -0.6% in Scotland.
Annual house price increases in England were driven by an annual increase in the East (9.2%) and the South East (7.7%).
Excluding London and the South East, UK house prices increased by 5.2% in the 12 months to June 2015.
On a seasonally adjusted basis, average house prices increased by 0.4% between May and June 2015.
In June 2015, prices paid by first-time buyers were 5.1% higher on average than in June 2014. For owner-occupiers (existing owners), prices increased by 6.0% for the same period.