Archive for the 'House Prices' Category

Results from the Land Registry, covering January to March this year, have shown that the average house price was £192,745, 5.05% higher than the first quarter of 2005. The report compares data from the first quarter of this year, to the first quarter of 2005, and shows that, on average, sales were up by 37%. Sales in Greater London had increased by almost 41%.

The largest rises were seen in the North, where average prices increased by over 8%. Prices in the East Midlands however, increased by just 0.7%.

The report also notes that 1032 properties were sold for over £1 million – up from 655 in the same period of 2005.

Halifax have recently announced that house prices rose by 2.0% in April, and by a total of 4.4% in the first four months of 2006.

The annualised rate at 8% is the highest for 13 months. This is due to figures from last year being particularly weak. It also states that housing market activity has risen – currently 15% higher than this time last year.

Chief Economist at Halifax, Martin Ellis, added “Whilst the market may remain relatively buoyant over the coming few months, we expect the recent softening in the labour market and the continuing high level of house prices in relation to earnings to curb demand. Alongside higher utility and council tax bills, these factors should lead house price growth to moderate in the second half of 2006.”

The results from Halifax are somewhat surprising given that Nationwide have recently released data showing house price inflation is slowing.

Nationwide has today revealed its house price results for April, and has found that prices rose by only 0.1% in April, down significantly from 1.1% in March. This brought the annual house price growth rate (the increase from April 05 to April 06) to below 5% at 4.8%.

It goes on to say that the average house price is now £163,573, an increase of almost £7,500 compared to this time last year – equivalent to roughly £20 per day

Despite the distinct lowering in house price inflation, it says that demand is still there, but the rise in oil prices could pinch the public’s pocket as fuel prices continue to rise.

The Office of the Deputy Prime Minister (ODPM) has released its results for house price movements in February 2006, in which it reveals that annual house price inflation reduced to 3.6%, from 4.3% in January.

The fairly large fall in annual inflation is caused by ODPM figures showing average house prices actually falling in February – from around £185,500 to around £182,000

The result clashes with results from Halifax and Nationwide, who claim that house prices have shown distinct growth in 2006.

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