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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• Average asking prices across England and Wales are now at their highest point since July 2008

Headlines from home.co.UK House Price Index
 • Average asking prices across England and Wales are now at their highest point since July 2008
 • A further 0.6% rise in the last month has pushed annual house price inflation to 4.0%, the highest annualised increase since March 2008
 • All areas of the UK recorded price rises in the last month, save for Yorkshire and Scotland • Overall, the number of properties entering the market is only slightly down (-4.4%) on last year
 • The volume of new properties entering the Greater London market was 22% lower last month (vs. June 2012), fuelling an increasingly fierce rate of home price inflation (now at 9.5%)

 Price trend Summary The mix adjusted average asking price for homes in England and Wales is now £241,710, a rise of 4.0% on July 2012. Following steady monthly growth in 2013, average house prices are now at their highest level since July 2008, providing a further boost in vendor confidence. 
The regional picture remains very diverse. London prices continue to soar at more than twice the rate of any other region. Price growth is now being recorded across most areas of the UK, although the Northern regions, Wales and Scotland continue to exhibit the poorest performance.
 The worst performer over the last 12 months is the North West which experienced a price fall of 0.2%. 
The volume of new properties entering the market last month was down 4.4% overall on June 2012, although it should be noted that stock trends do vary considerably across the country. At one end of the scale, new stock in the Midlands, Yorkshire and the North East has risen compared to last year and this will serve to suppress price growth. At the other extreme, annual price rises in Greater London are being driven by a 22% fall in new stock compared to last year.

House Price by region:
Scotland June-13 Average Asking Price £162,012 Monthly % change-0.5% Annual % change 1.0%
North East June-13 Average Asking Price £153,328 Monthly % change 0.3%Annual % change 0.7%
Yorks & The Humber June-13 Average Asking Price £169,421 Monthly % change-0.2% Annual % change 0.4%
North West June-13 Average Asking Price £173,109 Monthly % change 0.1% Annual % change -0.2%
West Midlands June-13 Average Asking Price £194,123 Monthly % change 0.3% Annual % change 3.0%
East Midlands June-13 Average Asking Price £179,569 Monthly % change 0.7% Annual % change 2.4%
East June-13 Average Asking Price £256,292 Monthly % change 0.3% Annual % change 2.6%
Wales June-13 Average Asking Price £175,977 Monthly % change 0.6%Annual % change 1.2%
Greater London June-13 Average Asking Price £386,767 Monthly % change 1.5% Annual % change 9.5%
South East June-13 Average Asking Price £310,031 Monthly % change 0.5% Annual % change 4.5%
South West June-13 Average Asking Price £263,986 Monthly % change 0.5% Annual % change 3.5%
England & Wales June-13 Average Asking Price £241,710 Monthly % change 0.6%Annual % change 4.0%
Source: Home.co.uk, July 2013

Average UK house price goes past £250,000

The national average asking price of a property coming to market is over a quarter of a million pounds for the first time. 
The new record was achieved as prices rose 1.2% (+£2,957) in June, the sixth consecutive monthly rise this year. While London sets another new record of £515,243, continuing its upward trajectory, the biggest winner is the South East which sees a record price of £329,968 as a result of a whopping 14.8% increase over the first six months of 2013.

There is also early evidence of a wider recovery as asking prices in the north (North, North West, Yorks & Humber, East Midlands, West Midlands, and Wales) rose by 9.2% , almost keeping pace with the 10.6% seen in the south (Greater London, South East, South West and East Anglia) over the first half of the year.

 Given asking prices reflect the aspirations of both sellers and local estate agents they are a leading measure of market confidence. These increases, along with reports from agents and developers of a pick-up in transactions, suggest a wider and more sustainable recovery as the price buoyancy of the London market shows signs of spreading across the country.

Miles Shipside, director and housing market analyst at Rightmove comments: “While this month sees several new price records, it’s the South East that has really started to lift-off. On top of that, the first half of 2013 saw little sign of the traditional north-south divide with the first-half asking price surge in the north almost equal to that of the south. The good news is that this indicates a wider upturn, albeit at historically low but increasing volumes. 

The bad news for would be buyers is that it has helped propel the average price of a property coming to market through the quarter of a million quid milestone for the first time. It is worth remembering that while the asking price and the eventual sale price may differ by a small margin, the asking price is a very strong indicator of perceived market value and direction.  It will take account of local supply and demand, as well as wider economic forces such as interest rates and consumer confidence.”

The national average asking price of a property coming to market is £252,798, beating the previous record of £249,841 set in May.

 Property market recoveries are traditionally led by London and, belatedly, the trend set in the capital now appears to be spreading as a broader housing market recovery is potentially on the cards. In price terms, this is the strongest start to a year since 2004, with both the south and north playing their parts with increases of 10.6% and 9.2% respectively.

 Unusually, London’s 10.9% (+£50,845) jump year to date has been surpassed by two northern regions; the North region at 11.0% (+£15,134) and the West Midlands at 11.3% (+£19,665). The South East is, however, the main beneficiary of the London boom, with the ripple effect contributing to a 14.8% (+£42,548) hike in the first six months of 2013.

Shipside observes: “London’s new sellers are asking an average of 30% more than they were four years ago compared to those in the South East who are asking less than 15% more. Although the South East has lagged behind the capital in recent years it is the biggest winner so far this year as, frankly, it has become ‘under-priced’. It offers real comparative value for buyers needing access to London but with housing needs or aspirations that leave them priced out of London itself. While some northern regions outpaced London this year, the price gap remains daunting for those looking to up sticks and head to the bright but dazzlingly expensive lights of the capital. The average price of a property in London is still more than three times higher than in the north.”