Taylor Scott International News
Property prices in England and Wales fell by 0.5% in March, taking the average price of a house to £189,901, the latest land registry figures show. This takes annual house price growth to 6.7% but prices vary according to location with London and the East of England the only two regions with month on month growth. In London property prices increased by 0.2% month on month and by 13.9% year on year, taking the average price to £534,785. In the East of England price were also up 0.2% month on month, taking annual growth to 10.7% and average value to £220,989. Everywhere else in England and Wales prices fell month on month with the steepest fall of 2.6% in Yorkshire and Humber, followed by a fall of 2% in the West Midlands. Prices fell by 1.2% in the North East, by 0.9% in Wales and the South West, by 0.4% in the South East, by 0.3% in the East Midlands and by 0.1% in the North West. Year on year prices were up everywhere apart from the North East where annual growth was down by 0.7% to £97,581. Prices were up 10.3% in the South East, by 5.8% in the South West, by 5.7% in the East Midlands, by 5.3% in the North West, by 3.5% in Wales, by 3.1% in the West Midlands, and 1.6% in Yorkshire and Humber. Experts point out that the fall in prices should not be a surprise after a mad rush in March as buy to let landlords and second home buyers sought to beat the introduction of a 3% stamp duty surcharge on additional homes that came into force on 01 April. David Brown, chief executive officer of Marsh & Parsons, believes that there is still a lot of energy in the first time buyer market for other owner occupiers unaffected by the stamp duty chance. ‘This should step up to fill any momentary fall back in investor demand, and keep prices on course. In London, there are 14 buyers competing for every available property on the market, which will keep the wheels of growth moving,’ he added. According to Andy Knee, chief executive of LMS, the monthly dip will cause hopeful home buyers to breathe a sigh of relief that house prices have not stretched further out of reach. ‘But year on year, a 6.7% rise across England and Wales is cause for concern. In London particularly, where house prices rose 13.9% annually to exceed an average value of £534,000, homeownership is fast become possible for only the very wealthy,’ he said. ‘Despite government intervention to aid first time buyers, such as Help to Buy, Starter Homes and the Lifetime ISA, these schemes fall short of making property more affordable for millions,’ he pointed out and added that uncertainty over the referendum in June on the future of the UK in the European Union could have an effect. But he does not think… Taylor Scott International
Taylor Scott International, Taylor Scott
