Peter Rollings, CEO of Marsh & Parsons, comments: “You can understand why there’s so much optimism in the property market at the moment even with the speculation over the outcome of the EU referendum. House prices have made quick progress already in 2016, and this will be a pleasant wake-up call for homeowners considering selling in the spring market. First-time buyers and buy-to-let investors are moving at a brisk pace, and while they continue to grossly outnumber properties for sales, house price growth will persist through the wider political uncertainty.
“London is in a whole different league, with property values pushing 14% annual growth. Over the past year, prices have risen across the board in the capital, but the double-digit increases are predominantly concentrated in cheaper boroughs, where buyer demand remains very robust. The Prime Central market is still dragging its heels as a result of the higher-end Stamp Duty, and many will be hoping the upcoming Budget brings a reversal, to energise activity further up the property ladder and free up supply along the chain.”
Land Registry HPI, January 2016
- The January data shows a monthly price increase of 2.5 per cent.
- The annual price change now stands at 7.1 per cent, bringing the average house price in England and Wales to 191,812.
- The number of property transactions has decreased over the last year. From August 2014 to November 2014 there was an average of 81,656 sales per month. In the same months a year later, the figure was 78,652.
- The January data for London shows a monthly increase of 2.8 per cent. At 13.9 per cent, the annual change for London is considerably higher than most other regions. The average price of property in the capital is 530,409 in comparison with the average for England and Wales of 191,812.
- The borough with the highest annual price rise is Hillingdon, with a movement of 15.5 per cent. Hillingdon also experienced the highest monthly price increase, with a movement of 2.4 per cent.
- Camden saw the smallest annual increase of 3.0 per cent. Camden and Islington both experienced the only monthly fall, each with a movement of -0.4 per cent.
- Wales experienced the greatest monthly growth with an increase of 3.7 per cent
- the North East saw the lowest annual price growth with an increase of 0.2 per cent
- the North East also saw the most significant monthly price fall with a decrease of 1.6 per cent.
- the number of completed house sales in England and Wales fell by 2 per cent to 72,167 compared with 73,282 in November 2014
- the number of properties sold in England and Wales for more than 1 million increased by 14 per cent to 1,091 from 953 a year earlier
For more information on the London property market in Q4 2015, please see the latest Marsh & Parsons London Property Monitor
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