Comment on Land Registry House Price Index
Fri 28 Aug 2015
Peter Rollings, CEO of Marsh & Parsons, comments: "As the port of call for international investors and prime property purchases, the housing market in London is more exposed to regulatory and stock market turbulence than the rest of the country. Were still experiencing tremors from the new Stamp Duty banding, and as demand for million-pound homes has eased, the harsher taxes at the top-end may continue to rock the boat in London for the coming months.
"But this all needs to be kept in perspective. London is still achieving significantly above-average house price growth, and retains its position at the top table.
"In addition, the Chinese stock market slump may present more of an opportunity than a threat to the London property market while its made property more expensive for Chinese buyers, those looking for a secure capital investment in these volatile times will still be attracted to the stability of the returns to be made in the capital."
Land Registry House Price Index, July 2015
- The July data shows an annual price increase of 4.6 per cent which takes the average property value in England and Wales to 183,861.
- Monthly house prices up 1.7 per cent since June 2015.
- The region with the most significant annual price increase is the East with a movement of 8.9 per cent
- The East also experienced the greatest monthly rise with a movement of 2.8 per cent
- The July data for London shows a monthly increase of 2.5 per cent.
- At 8.3 per cent, the annual change for London is considerably higher than most other regions.
- The average price of property in the capital is 488,782 in comparison with the average for England and Wales of 183,861.
- The number of completed house sales in England & Wales decreased by 15 per cent to 65,619 compared with 77,488 in May 2014
- February 2014 to May 2014 there was an average of 70,029 sales per month. In the same months a year later, the figure was 61,283.
- The number of properties sold in England and Wales for over 1 million decreased by 21 per cent to 878 from 1,113 a year earlier