Taylor Scott International News
Property prices in England and Wales increased by 0.4% in November month on month and are up 5.6% year on year, according to the latest official data from the Land Registry. This take the average property price to £186,325 but there is considerable variations on both prices and price growth across the regions. London experienced the greatest increase in its average property value over the last 12 months with a rise of 11.2% and the greatest monthly growth with an increase of 1.6%, taking the average price to £506,724. Both Yorkshire and The Humber and the North East saw the lowest annual price growth with increases of 1.3% while Yorkshire and The Humber also saw the most significant monthly price fall with a decrease of 0.9%. The South East saw prices rise 0.4% month on month and 8% year on year to £258,137, while the East of England recorded a monthly rise of 1% and annual rise of 9.8% to £214,491. Average prices are lowest in the North East at £100,046 with a monthly and annual rise of 1.3% while it is £115,491 in the North West which saw prices flat month on month and up 3.1% year on year. Three regions saw monthly falls, down 0.3% in the West Midlands, down 0.7% in the East Midlands and down 0.9% in Yorkshire and the Humber, but prices are still up 2.9%, 4.1% and 1.3% year on year respectively. The Land Registry data also shows that the number of completed house sales in England and Wales during September 2015, the most up to date figures available, decreased by 8% to 72,397 compared with 78,877 in in September 2014. The number of properties sold in England and Wales for over £1 million increased by 1% to 1,273 from 1,265 a year earlier. Repossessions in England and Wales decreased by 45% to 406 compared with 733 in September 2014 and the region with the greatest fall in the number of repossession sales was the East with a decrease of 64% from September 2014. While average prices continue to rise in London it is emerging locations that are now overtaking traditional areas like Kensington and Chelsea, according to one agent in the city. ‘We are now seeing emerging districts consistently overtake traditional prime areas like Kensington and Chelsea, which are actually seeing prices fall,’ said Carl Schmid, owner of estate agency Fyfe Mcdade, which has offices in Shoreditch, Islington, Bloomsbury and Waterloo. ‘Buyers are increasingly seeking to make their money go further in areas like Tower Hamlets, Hackney, Lambeth and Southwark, attracted by relative value for money, improving transport connections and capital growth potential, which has already been squeezed out of prime central London,’ he added. According to Jonathan Hopper, managing director of the buying agents Garrington Property Finders, there are some encouraging signs though that the £1 million plus market is emerging from the slump triggered by last year's rise in Stamp Duty. 'Supply of these more expensive homes slowed… Taylor Scott International
Taylor Scott International, Taylor Scott
