House prices warm in September

September house price data from The Land Registry shows an annual price increase of 5.3 per cent which takes the average property value in England and Wales to £186,553. Monthly house prices are up 1.0 per cent since August 2015.

The regional data indicates that:
•the region with the most significant annual price increase is London with a movement of 9.6 per cent
•London experienced the greatest monthly rise with a movement of 1.8 per cent
•the North East saw the only annual price decrease with a movement of -0.3 per cent
•the North East also saw the most significant monthly price decrease with a fall of 0.3 per cent
Sales and repossessions during July 2015, the most up-to-date figures available, show that:
•the number of completed house sales in England and Wales decreased by 4 per cent to 81,696 compared with 84,691 in July 2014
•the number of properties sold in England and Wales for over £1 million decreased by 9 per cent to 1,413 from 1,555 a year earlier
•repossessions in England and Wales decreased by 50 per cent to 471 compared with 943 in July 2014
•the region with the greatest fall in the number of repossession sales was London
Peter Rollings, CEO of Marsh & Parsons, comments: “The mercury in the property market is rising, with a much warmer 1% month-on-month rise in house prices in September. And for the second successive month, London has posted the biggest boost in property values of any region.

“But most of this heat is emanating from a shortage of homes for sale, especially at the more affordable end of the London property market and this will only escalate with an anticipated rise of interest rates in the New Year. Conversely, sales activity is looking decidedly cooler and the million pound plus market is yet to thaw out and get moving again since suffering the repercussions of more stringent stamp duty.”