Land Registry Data Show Property Values
Not Rising As Fast As Predicted
Data from the Land Registry’s House Price Index (HPI) in March 2014, shows that overall annual UK property values have increased by just 5.6%, taking the average UK property value to £169,124 (GBP).
The monthly change from February to March 2014 actually shows a property value decrease of 0.4%, however London saw property values increase by 12.4%, while the Eastern and North East regions experienced their greatest monthly rise, with property values rising by 1.1%.
Wales was the only UK region to experience an annual price drop of 1.6% and was also the only region that showed the most significant monthly price fall with values down 4.2%.Figures published by the Land Registry show that during January 2014 the number of completed residential property sales in the UK increased by 46% to 63,123 compared with 43,373 residential property sales in January 2013.
The number of £1 million+ residential properties sold in the UK in January 2014 increased by 61% to 1,011 from 628 in January 2013 with properties in London again leading the way.
Director of Your Move, David Newnes, stated: “After successive months of strong growth, house price rises have slowed slightly in March – but this isn’t a setback. The property market recovery is still progressing steadily towards full health, with average house prices up 5.6% year-on-year. And importantly the tendrils of the housing recovery continue to unfurl across the country. It is particularly encouraging to see the North East experience one of the biggest monthly rises in property values. Sales are up as consumer confidence remains buoyant across the nation, riding on a wave of low inflation and higher wage growth. More home movers and first time buyers are entering the property market, and as activity trickles up the chain this helps release some of the pressure on the limited supply of new homes coming onto the market. However the government still has a vital role to play in encouraging greater house building, to ensure that a shortfall of supply does not impede growth and recovery. Now that the Mortgage Market Review (MMR) is in place, we can expect price rises to moderate, as the borrowing process is governed by more stringent lending criteria”.
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