Pre-election nerves have anchored house price rises temporarily…

Landlord Expert
By Landlord Expert May 7, 2015 14:21

Adrian Gill, director of Your Move and Reeds Rains estate agents, comments: “Pre-election nerves have anchored house price rises temporarily. London and the South East are the only regions where property values continued to make headway in March, but growth hasn’t washed up on an annual basis and the flow of housing market activity should cast off again once the votes are counted. Cheaper mortgage rates and schemes like the Help to Buy ISA are already in place to ensure the market has the wind in its sails by the summer.”

“First-time buyers are a popular focus for political parties, and as the ballot boxes loom there have been last-minute pledges to raise the stamp duty threshold. But politicians are ultimately playing smoke and mirrors with these promises.  Behind it all, there is a void of available homes for people to buy. Inciting further demand at the lower rungs at the ladder – without injecting any extra stock into the market at the same time – is only going to cause a traffic jam, and accelerate prices in the meantime.”

Land Registry House Price Index – March 2015

  • Annual price increase of 5.3 per cent which takes the average property value in England and Wales to £178,007 compared with the peak of £181,049 in November 2007.
  • House prices are down 0.8 per cent since February.
  • The March data for London shows a monthly increase of 0.2 per cent. At 11.3 per cent, the annual change for London is considerably higher than most other regions.
  • South East experienced the greatest monthly rise with a movement of 0.8 per cent
  • North East saw the only annual price fall with a decrease of 2.9 per cent
  • North East also saw the largest monthly price decrease with a fall of 4 per cent.
  • The number of property transactions has decreased over the last year. From October 2013 to January 2014 there was an average of 76,056 sales per month. In the same months a year later, the figure was 71,090.
  • The number of properties sold in England and Wales for over £1 million decreased by 19 per cent to 851 from 1,049 a year earlier
Landlord Expert
By Landlord Expert May 7, 2015 14:21

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