London house prices up by 5% over 12 months

• May house prices up 0.1 per cent since April: average house price in England and Wales now £161,969
• 1,448 repossessions in England and Wales during March 2013
• South East tops the table of regional applications with 278,186 in May
• Over 56,800 residential properties in England and Wales lodged for registration in May ranging from £10,000 to £27 million

The May data from Land Registry's House Price Index shows an annual price increase of 0.5 per cent which takes the average property value in England and Wales to £161,969. The monthly change from April to May shows an increase of 0.1 per cent. Repossession volumes decreased by 27 per cent in March 2013 to 1,448 compared with 1,981 in March 2012.

• The region in England and Wales which experienced the greatest increase in its average property value over the last 12 months is London with a movement of 5 per cent.
• The East Midlands experienced the greatest monthly rise with a movement of 2 per cent.
• The region with the greatest annual price fall is Yorkshire & The Humber with a decrease of 2.2 per cent.
• The East saw the most significant monthly price fall with a decrease of 0.7 per cent.
• The most up-to-date figures available show that during March 2013, the number of completed house sales in England and Wales decreased by 15 per cent to 52,090 compared with 61,334 in March 2012.
• The number of properties sold in England and Wales for over £1 million in March 2013 increased by 21 per cent to 625 from 517 in March 2012.
• All regions saw repossessions decrease between March 2012 and March 2013. The region with the greatest fall in the number of repossessions was the North East where repossessions dropped by 39 per cent (March 2013 compared with March 2012). 

The May data for London shows a monthly increase of 0.7 per cent. At 5.0 per cent, the annual

change for London is considerably higher than other regions.

The average price of property in the capital is £375,068 in comparison with the average for England and Wales of £161,969.

Blaenau Gwent experienced the greatest annual price change in May with a movement of 16.6 per cent. Average house now £80,712

Middlesbrough saw the greatest annual price fall with a movement of -10.2 per cent. Average price now £73,522

Metropolitan district

The metropolitan district with the largest annual price increase is Trafford rising by 3.3 per cent.
Bury experienced the highest monthly price rise, with an increase of 6.5 per cent.
Salford saw the most significant annual price fall with a movement of -9.1 per cent.

St Helens saw the greatest monthly price fall with a movement of -2.7 per cent

London

The borough with the highest annual price rise is Wandsworth, with a movement of 11.1 per cent.

Greenwich experienced the highest monthly increase, with a movement of 2.0 per cent.

Newham saw the least significant annual growth,with a movement of 0.4 per cent.

Newham also saw the greatest monthly price fall, with a movemnet of -1.3 per cent.

The number of properties sold in England and Wales for over £1 million in March 2013 increased by 21 per cent to 625 from 517 in March 2012.

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House sales in Wales hit 6 year peak

The amount of homes sold in Wales over the past three months reached its highest level in six years as buyers across the country continue to return to the market,says the latest RICS residential market survey (11 June 2013).

Chartered surveyors in Wales sold on average 18 properties during the three months to May, representing the highest reading since June 2007.  Furthermore, sales are expected to continue their rise over the next three months with a net balance of 30 percent more respondents predicting transaction levels will grow rather than fall (from +25 percent).

Despite an increase in sales, the number of properties coming on to the market took a dive with a net balance of - 8 per cent of surveyors reporting a rise in new instructions.  The figure stood at +7 percent last month.  Average stocks per surveyor now stand at 103, down from 110 in April.

Meanwhile, prices up edged last month with ten percent more chartered surveyors in Wales reporting increases rather than decreases. Until recent months price stability has been confined largely to the South East of England and London, whereas now this is beginning to extend to other areas of the UK.

Differentiating from the sales market in Wales, the rental market saw a drop in tenant demand this spring. Interest from would-be renters fell to a net balance of 21 percent during the three months to May (from +48 percent in April). In tandem with the fall in demand, a decreasing number of landlords placed their properties on the market during the last quarter. A net balance of just 4 percent more Welsh chartered surveyors reported rises in new instructions, a significant decrease on the previous quarter’s reading of 36 percent.

Tony Filice, RICS Wales Residential spokesperson and Director of Kelvin Francis Chartered Surveyors, Cardiff, said:

“Demand in the ‘First Time’ buyers market is now exceeding supply, leading to full prices being achieved.  This is already filtering through to the middle market and will hopefully filter to the upper levels in due course.  Confidence is high with the general public who feel that now is the right time to buy, complimented with the right choice of mortgage product at favourable rates.  Green shoots are now flowering.”