Comment on ONS HPI, December 2015
Tue 16 Feb 2016
Peter Rollings, CEO of Marsh & Parsons, comments: "2016 has jumped out of the gates, and theres been a definite buzz in the air of the property market. Existing homeowners have every reason to be in high spirits after the tenacious house price growth experienced last year, which saw average values break through the 300,000 barrier. And buyers climbing onto or up the property ladder are hitting the ground running, on the back of favourable mortgage deals and support schemes from the government.
"In London, weve seen new buyer registrations in January increase 24% on last year, which bodes well for purchase activity in the opening months of 2016. Landlords and investors in particular will be in a hurry to secure their preferred property before the additional 3% Stamp Duty becomes liable on second homes in April. But with annual house price growth in London just shy of double digits, first-time buyers and those trading up also cant afford to hang about either. The Prime Central market has been challenged and unsettled by steeper Stamp Duty, but in lower-priced boroughs further out of the centre, high demand and low supply of properties coming up for sale are sustaining strong price rises."
ONS HPI, December 2015
- UK house prices increased by 6.7% in the year to December 2015, down from 7.7% in the year to November 2015.
- House price annual inflation was 7.3% in England, 1.0% in Wales, -0.2% in Scotland and 1.5% in Northern Ireland.
- Annual house price increases in England were driven by an annual increase in the East (9.7%), London (9.4%) and the South East (8.8%).
- Excluding London and the South East, UK house prices increased by 5.1% in the 12 months to December 2015.
- On a seasonally adjusted basis, average house prices decreased by 0.2% between November 2015 and December 2015.
- In December 2015, prices paid by first-time buyers were 6.4% higher on average than in December 2014.
- For owner-occupiers (existing owners), prices increased by 6.9% for the same period.
- Average mix-adjusted house prices in December 2015 stood at 301,000 in England, 175,000 in Wales, 193,000 in Scotland and 148,000 in Northern Ireland