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UK Residential Property Prices Only Increased By 0.5% Last Month

UK Residential Property Prices Only Increased By 0.5% Last Month

Residential Property Prices Only Increased By 0.5% Last Month 

New data released by Hometrack shows that residential property prices only increased by 0.5% during May 2014, less than previous price rises recorded in the three previous months, suggesting a slowdown in property sales and price growth.

The data shows that the proportion of UK regions recording property price increases during May had fallen to just 42%, down from the 50% recorded in March and April 2014.

While property prices may have continued to rise in London, there has been an overall slowing in the rate of growth, with property prices only increasing by 0.6% in May, compared to the 0.8% average increase over each of the previous six months.

The main growth in London is in lower priced areas of the capital that are perceived as offering better value for money, however, central London prices only increased by 0.2% in May. 

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2014 UK Property Prices To Increase Further

2014 UK Property Prices To Increase Further

UK Property Prices Extend Best Run Since 2007

There was some good news for property investors looking for capital appreciation this week as it was reported that UK property prices have continued to rise, increasing for the 14th consecutive month in March 2014, the longest run of price growth for nearly 7 years.

Residential property values across the UK increased by an average of 0.6% in March, with the South West and East Anglia regions recording the largest property price increases of 0.8%, according to data supplied by Hometrack Ltd.

Yorkshire & Humberside and the North West regions registered the smallest gains, with property values increasing by just 0.2% in March 2014.

Even independent surveyors are forecasting property prices to increase by a further 6% this year and are including this information on property condition reports for prospective purchasers.

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Published UK Property Data For 2014 Suggests A Record Start To The Year

Published UK Property Data For 2014 Suggests A Record Start To The Year

Published UK Property Data For 2014 Suggests
A Record Start To The Year 

Confirmation that the UK’s residential property market has returned to health is the first data from Rightmove covering 2014 which suggests that the year ahead looks good for property!

The Rightmove House Price Index (HPI) of 2014 shows that property asking prices increased by 1% in January.

Property prices are traditionally subdued in the first month of the year, prices increased just 0.2% in January 2013 and have usually fallen by an average of 0.2% in the month of January over the last decade.

The number of properties coming to market and activity is also up as both estate agents and property vendors look to cash in on the increased confidence in the UK property market.

Year on year property asking prices are up 6.3%, the highest annual rate of increase since November 2007, before the onset of the UK’s credit crunch. 

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Property Asking Prices Collapse In NovemberProperty Prices Rise At Fastest Rate For 6 Years…Or do they?

The asking price of property is supposed to be rising at the fastest rate for over 6 years, according to Rightmove, however, asking prices actually dropped by 2.4% during October, all but wiping out September’s 2.8% gain. This is the third dip in property prices in 2013.

UK property owners have raised the asking price for their properties by 4% compared to this time last year, marking the biggest annual rise in residential property prices since the financial crisis and property crash hit in 2007.

The average asking price that UK vendors want for residential property now averages around £246,237 (GBP), according to Rightmove, compared to £252,418 (GBP) in October.

It is worth pointing out that residential property asking prices usually fall by approximately 3% in November ahead of the festive season traditional slowdown.

So with residential property asking prices falling by just 2.4% in November suggests that the recent upturn in housing market activity will cushion the predictable seasonal drop.

Rightmove say that buyers still have a wide choice of property types to choose from as the UK property market is holding up relatively well for first-time buyers, as the number of flats and terraced properties on the market has declined more slowly than the number of detached and semi-detached properties this month.

Property prices in the East Midlands were 7.4% higher than they were in 2012, averaging £168,873 (GBP), outpacing property price rises in London.

The average asking price for a residential property in London is over three times greater than property values currently are in the East Midlands and asking prices in London have risen by 6.9% year-on-year, to reach a typical average value of £517,276 (GBP).

In fact residential property asking prices have increased across most UK regions apart from in the North, where residential property prices have dipped by 0.5% annually to average just £141,426 (GBP).

Property prices in Wales dropped by the smallest amount, down by 0.4% to reach a typical average of £165,110 (GBP), while desperate property vendors in London have dropped residential property asking prices by as much as 5% since October.

Rightmove said that traffic to its website has increased 30% in the last 12 months, a sure sign of growing demand from would-be property buyers. The property portal also said that the stock of unsold residential properties has fallen from an average of 71 per estate agency branch one year ago to 67.

Rightmove Director, Miles Shipside, said: “Estate agents expect a more buoyant 2014 as they pick up early signs of an increase in buyer interest and demand, so this side of Christmas could be the time for eager property buyers to hunt out keen property vendors and strike a deal. However, agents’ challenges differ wildly depending on local market conditions. While some are really concerned about future sales because of a lack of fresh vendors, others report vendors getting too brave too early on their asking price aspirations in less active parts of the country, potentially stifling a property market recovery before it has got going.”

The infographic below shows the increase and decreases in residential property asking prices in November 2013 compared to October.

Property Asking Prices Collapse In November

Property Asking Prices Collapse In November

Source: Rightmove.co.uk

 

Rightmove Think London Property Prices Are Unsustainable

Rightmove Think London Property Prices Are Unsustainable

London Property Prices Increase
More Than 10% In October

Average UK property prices increased by 2.8% across the country in October, however property price rises in London are going through the roof and are unsustainable, according to property portal Rightmove

London property prices increased by £50,484 (GBP) equivalent to a 10.2% increase in October, after two consecutive monthly falls in the price of properties marketed.

Property prices in the Capital had fallen by -2.8% and -1.5% in August and September respectively, and the double digit price increases reported in October has analysts worried about the volatility and sustainability of the London property market.

The huge rise in London property prices has been attributed to corresponding factors;

  • Lack of supply of residential properties coming to market
  • Overseas investment in new build properties by foreign property investors

October’s strong recovery means London property prices are now 5.6% or £28,852(GBP) up on July’s all-time high of £515,379 (GBP), pushing the year-on-year increase in London to +13.8% or £66,161(GBP).

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UK Property Prices Up £7,000 In Four WeeksUK Property Prices Hit 2008 Peak Values

UK property prices have jumped up £7,000 (GBP) in a month as UK property market activity picks up.

The huge increase in property values over the last four weeks is confirmation that the UK is enjoying another property boom.

The £1,750 weekly uplift puts the price of a typical residential three-bedroom semi detached property at £252,418 (GBP), according to popular property portal, Rightmove.

The biggest increase in property prices was recorded in London where new vendors have added an extra £50,484 (GBP) to average residential property asking prices this month, however property prices in the nation’s capital are over inflated compared to the rest of the UK.

The rise in UK property prices is being driven by first-time buyers and second step buyers following the introduction of the Government’s Help-To-Buy mortgage scheme.

Fears of a housing bubble have also been eased as the number of new property vendors entering the property market has also increased by 8%, however property shortages have driven up property prices in some UK regions.

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Autumn Surge In UK Property Prices Predicted

Autumn Surge In UK Property Prices Predicted

Various residential property indices published by banks and mortgage lenders have shown that UK house prices have been increasing for some months, however the latest survey from Rightmove shows that property asking prices have actually declined over the summer although it is predicting an autumn surge in uk property prices.

The Rightmove report says that there was a summer  slowdown in residential property prices as discretionary sellers were distracted by the heat-wave and have been waiting to market their properties.

Those property vendors who were unwilling to wait had priced properties more aggressively and asked an average of £3,704 (GBP) equivalent to 1.5% less for their property in August compared with the previous month’s asking prices.

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Now Is The Time To Kick start Your Property Investment Career

Now Is The Time To Kick start Your Property Investment Career

Want Better Results From Your Property Investments?

Now Is The Time…

  • Would You like to Join Simon Zutshi in London on 14th September to discover how to get the best results from property investing?
  • Would you like to save thousands of pounds off the price of the next investment property you buy?
  • Would you like the knowledge, skills and confidence to negotiate directly with distressed sellers?

If you want to buy an investment property in the next five months before prices really start to rise next year, which every economist is positive that they will! Then I have some great news for you

The best strategy is to buy property form motivated sellers who will be more flexible about the price and/or the terms of the sale. By helping these people solve their property problems we can find an ethical win/win solution.

Sounds great! But do you know how to find these motivated sellers or even what to say to them?

If you want to learn how to do this yourself, we recommend one of the best ways is to attend the Property Investing Quick Start seminar [PIQS], run by Simon Zutshi, founder of the Property Investors Network (PIN).

On this one-day seminar Simon will teach you exactly what you need to know to start finding and helping these motivated sellers for mutual benefit.

If this is of interest to you, then read on because we have some great news for you…

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OFT Investigating Property Quick Sale Companies

OFT Investigating Property Quick Sale Companies

Property Quick Sale Companies Face
Investigation By Office Of fair Trading

The Office of Fair Trading (OFT) have announced that they are investigating 3 property quick sale companies for unfair practices after it was alleged that some customers had lost out on many thousands of pounds.

Property quick sale companies offer to buy property from distressed vendors within a short time frame, however some companies have brought the practice into disrepute.

The announcement comes as the Office of Fair Trading publishes a report on the sector, which found that property quick sale firms can be beneficial to consumers who need a fast, hassle-free property sale.

In fact the OFT found that many other property quick sale companies in the sector were operating in an “open and fair” manner.

Quick sale property providers offer to purchase properties from struggling consumers within as little as seven days, but at a discount – typically between 10% and 25% – of the property’s full market value.

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Hi My Property Power Team readers…

Top property sourcer, trainer, property coach & author Mark I’Anson wants to help you on your property investment journey

Dominate Your Ground by Mark I'Anson

Dominate Your Ground by Mark I’Anson

Mark has designed a one day workshop which will help you find motivated sellers, convert these leads into property deals and then support you to either grow your own property investment portfolio or become a property sourcer. 

In the workshop Mark will take you through his straight forward process which enables you to maximise your property investment and business resources. He does this by focusing on one area for your properties which reduces your entry costs and get better results. 

Mark will work through this process together with you, which will enable you to tailor it to your needs. You will gain confidence in speaking to vendors ….. This day will also give you a range of transferable skills as the content can be used as a “bolt-on” with many other property investment strategies.

  • Are you starting out on your property journey?
  • Or part-way through?
  • Are you confused by all of the strategies out there?
  • Are you looking from some new ideas or just losing motivation?

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There Will Never Be A Better Time To Invest In Property

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