Taylor Scott International News
The average property price in England and Wales increased 4.2% year on year and 0.5% month on month, according to the latest data from the Land Registry, the lowest annual growth for two years. This took the average property value to £184,682 with the growth led by London which had the largest monthly rise of 1.7% and annual growth of 6.6%, taking the average price to £493.026. On a regional basis the biggest annual price rise was in the East of England with growth of 8.4% and the North West saw the biggest monthly fall of 1.4%. The North West also has the lowest annual price rise of 0.2%. A breakdown of the data shows a considerable range of price movements in London. The borough with the highest annual price rise was Newham, up 15.5% while Barking and Dagenham experienced the highest monthly price increase, up 2.2%. Camden saw the largest annual fall of 1.7% and Kensington and Chelsea experienced the greatest monthly fall with average prices down 1.1%. The most up to date figures available show that the number of completed house sales in England and Wales decreased by 13% to 70,404 compared with 80,823 in June 2014 and the number of properties sold in England and Wales for over £1 million was down 1.7% to 1,031 from 1,237 a year earlier. The data also shows that repossessions in England and Wales decreased by 43% to 498 compared with 868 in June 2014 and the region with the greatest fall in the number of repossession sales was London. Rob Weaver, director of property at residential investment platform, Property Partner, believes that the stamp duty change is affecting the London market. ‘That prices in Kensington and Chelsea fell more than all other London boroughs in August underlines how the more punitive tax regime is having an impact at the higher end of the market,’ he said. He also pointed out that the North/South house price divide is still very much in evidence. ‘Annual growth in the North East and West is way off the pace compared to the South. The broader theme within the property market remains much the same, namely low transaction levels, rising prices and weak supply,’ he explained. ‘To achieve a sustainable and balanced property market, supply has to improve. To boost supply will require initiatives from all quarters, both private sector and Government. Resolving the supply crisis looks set to be the dominant narrative of the next decade and beyond,’ he added. The market in London appears to have got the ball rolling again, as buyers get used to the heavier taxation, and prices in the capital and surrounding regions are seeing a must faster pace than in the North West, North East, and Yorkshire, according to Adrian Gill, director of Your Move and Reeds Rains estate agents. He believes that while sales activity may look slightly subdued on an annual basis, transactions have actually been picking up speed solidly since… Taylor Scott International
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