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Monthly dip in house prices disguises "striking" growth

A monthly dip in house prices in February 2016 only disguises striking growth across England and Wales, according to new figures from the Land Registry. A monthly dip in house prices in February 2016 only disguises striking growth across England and Wales. New figures from the Land Registry reveal that property values declined 0.2 per cent month-on-month, but annual price growth reached 6.1 per cent, taking the average house price in England and Wales to 190,275.”The majority of regions are experiencing striking growth,” says David Brown, CEO of Marsh & Parsons. “In the capital, annual growth has climbed to comfortably double the wider England and Wales average.”Indeed, the February data for London shows a monthly increase of 0.6 per cent, with annual growth of 13.5 per cent. The average price of property in the capital is 530,368.The North East saw the only annual price fall with a drop of 3.2 per cent, while the North West experienced the greatest monthly price rise with a movement of 1.8 per cent. The North East also saw the most significant monthly price decrease with a fall of 1.2 per cent.”There have been a lot of stimulants spurring on the housing market this spring,” adds Brown.

“And there’s no denying there’s been a palpable buzz in the air. To beat the April 1st implementation of additional stamp duty, second-home buyers and buy-to-let investors have been frantically pushing through purchase completions as quickly as possible. We’ve had documents collected and delivered by hand across London to solicitors to avoid postal delays, and our teams have been in at the crack of dawn to make sure all parties involved in the transaction are meeting their deadlines.””This short-term whirlwind should go some way to balance out the slower sales activity seen at the end of last year,” he adds.Indeed, the number of property transactions has decreased over the last year, according to the Land Registry. From September 2014 to December 2014 there was an average of 79,237 sales per month. In the same months a year later, the figure was 78,778.”As buy-to-let investors face yet another blow from the banks, the incredibly strong buyer demand were seeing will take the reins, and keep the market on a stable course,” concludes Brown.

English house prices start 2016 at a gallop 

House prices in England and Wales started 2016 at a gallop, the latest Land Registry figures reveal. The UK housing market continues to face a severe shortage in supply, which helped to push up prices yet again in January 2016. The average house price in England and Wales jumped 2.5 per cent month-on-month to 191,812 7.1 per cent higher than they were a year ago. Hillingdon saw the highest annual price rise of 15.5 per cent as well as the highest monthly rise of 2.4 per cent the average price in the area now stands at 383,960.Otherwise, London led the way, with a monthly rise of 2.8 per cent and an annual climb of 13.9 per cent, taking the capitals average value to 530,409. Kensington and Chelsea remained the most expensive London borough with an average house price of 1,380,998 while Camden and Islington were the only places to suffer monthly declines of 0.4 per cent apiece.

Andrew Bridges, managing director of Stirling Ackroyd, comments: “Property prices are galloping out the stalls. But its essentially a one-horse race in the house price stakes and London is winning by several lengths.”Supply of new homes is the fundamental issue. Hillingdon saw Londons largest price growth yet our own research shows Hillingdon council approved just 36 per cent of potential new homes in 2015. New homes are the only way to maintain more sustainable price growth and blinkered planning rules are getting in the way of Londons future.”

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