July house prices up 0.8 per cent since June
By Bridging Loan Directory -
- July house prices up 0.8 per cent since June: average house price in England and Wales now £162,900
- South East tops the table of regional applications with 263,214 in July
- Over 62,000 residential properties in England and Wales lodged for registration in July
The July data from Land Registry’s flagship House Price Index shows an annual price increase of 0.3 per cent which takes the average property value in England and Wales to £162,900. The monthly change from June to July is an increase of 0.8 per cent.
- The region in England and Wales which experienced the highest increase in its average property value over the last 12 months is London with a movement of 6.5 per cent.
- London also experienced the greatest monthly rise with an increase of 2.7 per cent.
- The North West experienced the greatest annual price fall with a decrease of 3.9 per cent.
- The North East saw the most significant monthly price fall with a decrease of 2.1 per cent.
- The most up-to-date figures available show that during May 2012, the number of completed house sales in England and Wales increased by 2 per cent to 50,083 compared with 48,974 in May 2011.
- The number of properties sold in England and Wales for over £1 million in May 2012 increased by 107 per cent to 562 from 271 in May 2011.
Richard Sexton, director of e.surv chartered surveyors, said:
“It says something about the weak state of the market when we’re celebrating a monthly increase of less than 1%. Prices won’t be going anywhere fast while bank lending is in such a sorry state. Lending to borrowers with deposits of less than 15% fell to a twelve month low in August. These lower income buyers, typically first-time buyers, are the beating heart of the housing market. Without them, the rest of the market is starved of oxygen and prices are dragged down. Only a significant improvement in the economy – and mortgage lending – will be enough to resuscitate activity and help boost prices. Until then, the housing market will be stuck in the mud. The upside for sellers and owners is the lack of supply of property, which has helped support prices even though sales activity is bumping along the bottom.”