Comment on ONS' HPI for December 2015
Tue 15 Dec 2015
Peter Rollings, CEO of Marsh & Parsons, comments: "London house prices are digging their heels in despite the barrage of ferocious taxation theyve faced, and are standing tall at record levels as we approach the end of the year. London may no longer be the region out in front, but it still has a significant and positive impact on measures of house price growth across the country, lifting it by 1.4 percentage points.
"The various housing packages announced in the Autumn Statement will have cheered spirits in the run-up to Christmas. With a typical London home worth comfortably over half a million pounds and at record levels extra support systems are especially needed in the capital. The new Help to Buy scheme gives many aspiring Londoners the chance of a foot in the door. Activity also looks to ramp up on another front as we enter 2016. Landlords looking to avoid the extra levy from April will be hurrying to complete purchases before this deadline, so we expect the usually busy first quarter of the year to be even more animated than usual."
ONS House Price Index, October 2015:
- UK house prices increased by 7.0% in the year to October 2015, up from 6.1% in the year to September 2015.
- House price annual inflation was 7.4% in England, 1.0% in Wales, 0.9% in Scotland and 10.3% in Northern Ireland.
- Annual house price increases in England were driven by an annual increase in the East (10.4%) and the South East (9.5%).
- Excluding London and the South East, UK house prices increased by 5.6% in the 12 months to October 2015.
- London prices increased by 7.7% over the year to October 2015 (up from 7.2% in the year to September 2015.
- In October 2015, London continued to be the English region with the highest average house price at 531,000 and the North East had the lowest average house price at 158,000. London, the South East and the East all had prices higher than the UK average price of 287,000
- This month, average house prices in 4 of the 9 English regions are at record levels
- On a seasonally adjusted basis, average house prices increased by 0.8% between September and October 2015.
- In October 2015, prices paid by first-time buyers were 5.9% higher on average than in October 2014.
- For owner-occupiers (existing owners), prices increased by 7.4% for the same period.
- Average mix-adjusted house prices in October 2015 reached 300,000 in England and stood at 174,000 in Wales, 196,000 in Scotland and 158,000 in Northern Ireland.