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Does House Price Index Data Provide A Clearer Picture Than The Newspaper Headlines Suggest?

Does House Price Index Data Provide A Clearer Picture Than The Newspaper Headlines Suggest?

Does House Price Index Data Provide A Clearer Picture Than The Newspaper Headlines Suggest?

There can be a great deal of contradiction with the rising number of published House Price Indices, (HPI), that attempt to show the general public what is happening in the UK residential property sales market.

Many Spotlight subscribers are already aware that some of the published House Price Index data provided by mortgage lenders only relate to residential property sales, whilst others relate only to property asking prices.

However, property purchasers are often told to use the official published Land Registry data as a true guide to property prices rather than rely on any house price index data, but Land Registry data is a few months out of date because the Land Registry only record actual completed residential property sales.

Consumers need to know if all the HPI data is anywhere near accurate before they decide to part with cash to purchase a property, and with some degree of disparity between different indices the information provided can be confusing.

However, one thing is becoming very clear – UK property price growth is slowing!

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Average PRS Rents Hit New High

Average PRS Rents Hit New High

Buy-To-Let Property Investors Benefit
From PRS Rent Increases

The average rent in the UK’s private rented sector has increased to approximately £757 (GBP) per month, the highest level ever recorded, as rental prices increase by 1.8% on the previous month.

The data is from the latest Buy-To-Let Index, published by LSL property services.

PRS rents are 2.1% higher than they were in September 2012 and tenant demand is still strong with lettings activity growing by 9.2% over the last 12 months.

Average PRS rents are now £13 (GBP) per month higher than the previous all time record set in October 2012, when monthly PRS rents averaged £744 (GBP) per month.

Nine out of 10 UK regions saw rents rise between August and September 2013 with the fastest monthly rise observed in the South East, where PRS rents are 3.3% higher than they were a month ago.

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UK residential property prices rise to 8-month high

UK Residential Property Prices Increase To 8 Month High

UK Residential Property Prices Increase To 8 Month High

Sellers of residential property raised their asking prices by more than £8,000 (GBP) in October 2012, the biggest property price rise seen in eight months, according to property portal – Rightmove.

The typical residential property asking price rose by 3.5% month-on-month to £243,168 (GBP), as all UK regions saw prices increase.

The property search website said the autumn rebound showed “evidence of some life in the market”, although it suggested the upturn is most likely to be due to a lack of properties for sale, meaning would-be buyers have less choice.

The jump means prices are 1.5% higher than a year ago and goes some way to reversing an £11,000 (GBP) fall in residential property prices between June and September 2012, when the market saw a lull due to sporting distractions like the Olympics and Paralympics.

London still has strong overseas buyer interest and continues to perform relatively strongly and saw the biggest monthly increase in residential property asking prices, with a 4.8% jump taking average prices to £478,071 (GBP).

The South East and the West Midlands both saw 3.9% increases, while prices rose by 3.8% in the North West and by 3.4% in Wales, while East Anglia saw the smallest increase, with a 0.4% rise in residential property asking prices.

Get your FREE Tickets to A Place in the Sun and “Spotlight” readers are being offered complimentary tickets to the ‘A Place in the Sun Live’ overseas property exhibition at the NEC, Birmingham, UK between Friday 28th and Sunday 30th September 2012.

The organisers are offering our readers FREE tickets, and you can get yours by clicking on any of the links in this post and following the instructions.

A Place in the Sun Live is the UK’s premier overseas property exhibition that is held twice per year in the UK and features thousands of overseas properties for sale by hundreds of exhibitors from over 40 countries worldwide.

With properties starting from less than £20,000 (GBP) to over £1 Million (GBP), there really is something to suit almost every budget and taste.

Free tickets to September's "A Place in the Sun Live"

Channel 4 TV presenters Amanda Lamb, Jasmine Harman and Jonnie Irwin will be appearing on the main stage over the weekend to give their top tips on buying property overseas.

Click Here for your FREE ticket

FREE Tickets to Septembers "A Place in the Sun Live"

New data released by the UK’s Council of Mortgage Lenders (CML) shows that Monthly mortgage payments on residential properties in October 2011 were the most affordable for nearly eight years, but due to increased regulation, lending numbers dropped.

Although First-Time Buyers’ (FTB) deposit requirements have remained stable in recent months at an average of 20%, their monthly interest payments have continued to fall and now typically consume 12.3% of income, the lowest level since January 2004.

Affordability for movers also improved, with this group paying an average of 9.2% of income on mortgage interest, the lowest level since monthly records began in 2002. However, despite the improved affordability of monthly mortgage payments, lending activity has slowed.

In October 2011, 44,500 loans for house purchase were advanced, down from 48,200 in September and from 46,900 in October 2010.

Of the 44,500 loans, 16,400 went to first-time buyers, down from 18,200 in September 2011, down 1% on October last year.

Mortgage affordability is one thing, but the lack of deposits remains a major factor in holding back the housing market, especially for first-time buyers.

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Despite the apparent slump in the UK property market, Nationwide Building Society’s gross mortgage lending figures have increased by 48% to £8.9 Billion (GBP) in the six months to September.

Despite the dwindling number of First-Time Buyers (FTB) in the UK property marketplace, Nationwide lent them more than £1.2 Billion (GBP) in the first half of this year, 3% more than last year.

Over the same period, Nationwide’s subsidiary The Mortgage Works (TMW) doubled its gross mortgage lending to £2.6 Billion (GBP).

Nationwide’s Chief Executive Graham Beale, said: “It is particularly pleasing to see a 48% increase in our gross mortgage lending, which demonstrates our commitment to supporting growth in the economy as well as meeting the needs of our borrowers”.

Nationwide also reported a 17% rise in underlying pre-tax profits to £172 Million (GBP) in the six months to the end of September 2011, compared with the same period in 2010.

Even though historically low Bank of England (BoE) interest rates are making life difficult for savers, the building society saw a 250% increase in the rate of cash deposited in its savings accounts to £1.4 Billion (GBP), making it the second largest savings provider in the UK.

Despite the positive results, Nationwide expects conditions to remain difficult until the current Eurozone crisis is resolved and the UK economy stabilises.

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The UK Land Registry have said that UK Property prices have dropped by 2.6% during 2011 bringing the average property value to just £162,109

The figures, which cover transactions in England and Wales over the last 9 months, show that London is the only region where prices have risen over the year, experiencing a 2.7% increase.

According to the latest figures, which cover the month of September, the typical London home is now worth £349,026,

Property pundits and industry commentators have said that the capital’s ability to attract overseas buyers as a world city has helped to keep the London market buoyant.

Across England and Wales, property prices dropped by 0.3% in September, another decrease in UK house prices following the 0.1% drop in August.

UK Property values had enjoyed a 1.3% increase between June and July this year.

Consumers squeezed purchasing power, the tightening fiscal policy, a weakening labour market and major concerns over the Eurozone economic crisis and global instability have all been cited as factors that currently limit potential buyers and are also said to be weighing down UK property prices.

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Finally some good news for the UK property market from the CML, mortgage lending rose 4% (year-on-year) during September.

The Council of Mortgage Lenders (CML) said gross mortgage lending totalled around £12.9 Billion (GBP), during September, suggesting that more and more property-investors are now returning to the UK property market.

£13.1 Billion (GBP) was lent during August 2011, that is 2% more than the month of September.

Bob Pannell, CML chief economist, said: “Both house purchase and remortgage lending appear to have fared well in September, but this is against the backdrop of subdued levels of activity. However, short-term economic prospects for the UK are not favourable. The housing market is very sensitive to wider household confidence, and this seems likely to weaken over the coming months in response to the latest spike in consumer prices and headline unemployment figures.”

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Hometrack stated this morning that property buyers fell by the wayside again last month with a drop of 2.6% in applications during September. The number of new sellers also edged down with new listings falling by 0.6%.

Until the end of last week, this year has seen property supply rise at almost twice the rate of demand.

Over 9 months, there was a 22% increase in new instructions, but a rise in applicants wishing to purchase of only 11%.

The average time that a property is on the market has increased to 9.6 weeks.

According to Hometrack, house prices have fallen since July 2010 – That is 15 consecutive months.

London’s average at 0.2% a month continuing growth has propped up the overall UK property market.

Hometrack’s new report also predicts that UK property prices will accelerate downwards before the end of the year.

The report says that its 1,500 agents are under growing pressure from vendors to secure sales before the end of the year. They also highlight an increasing proportion of properties sticking on the market – suggesting price adjustments will have to be in order.

Hometrack’s Research Director, Richard Donnell, said these would “ultimately kick-start a new phase of re-pricing across the market”.

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