UK house prices rise by 0.2% in April
The average UK house priced increased by 0.2% in April leading to a rise of 8.5% over the last 12 months. However, on a regional basis there are major variations on the 8.5% annual increase and not every housing market in the UK is experiencing increased demand!
The report by the Land Registry shows that Brighton and Hove has the highest year on year increase of 16.8%, Bristol is next on 15.9% but on the downside Middlesbrough has seen a -9.5% fall in property prices over the last year, with a reduction of -2.9% in April. This perfectly illustrates the very patchy and very difficult to forecast recovery in the UK property market which is not impacting upon every area of the UK. There are a number of reasons why the recovery is so patchy in the property sector including regional characteristics, employment prospects, liquidity in mortgage markets and underlying demand for houses.
It is worth remembering that the Land Registry report is based upon completed property transactions as opposed to those which have been agreed but not necessarily rubberstamped. As a consequence, there can be something of a time lag with many of the transactions included in today's report having been agreed weeks or months ago.
Share this..
Related stories
Report Shows That Bungalows Are Holding Their Value
While they may be the butt of many a joke, they may be seen as homes for the elderly but the humble bungalow looks set to fair much better than traditional housing in the current market turmoil. Figures from the Communities and Local Government (CLG) confirm that bungalows have kept their value better than most, showing a mere 0.6% drop in value over the last few months, where as semi-detached ho...
Read More8,300 people at risk of home repossession every week
05/06/2015 More than 8,000 people in the UK were put at risk of losing their house each week in the first three months of this year, according to housing charity Shelter. The charity looked at Ministry of Justice figures for possession claims by mortgage lenders and landlords to see how many people had been threatened with repossession. The charity also picked up on certain “home threat hot...
Read MoreFSA issued new rules on sale and rent back deals
The FSA (Financial Services Authority) has today issued a number of new rules which will form a key part of the future sale and rent back market for UK homeowners. This is an area of the market which has attracted some of the more undesirable salespeople in the financial world and there have been many instances of pressure placed upon homeowners to take unrealistically low prices for their propert...
Read MoreSurprise jump in property prices
Property expert Rightmove has today released an update on the UK property market which apparently shows that property prices were pushed up by 3% in October despite the fact that the economic backdrop is difficult to say the least and the mortgage market is starting to slow down. So how can we explain a 3% increase in asking prices for properties in the UK during October? The apparent 3% increa...
Read MoreUK government scrap HIPs
The UK government has today announced plans to scrap Home Information Packs (commonly known as HIPs) which obliged sellers to provide certain information about the property before it could be sold. However, even though the idea of Home Information Packs was well-founded and respected by some in the industry there was a feeling it was nothing more than an additional cost to UK property sellers. The...
Read More