August reports gains in UK Property Market values
Residential real estate prices in parts of the UK are still rising with an increase of 0.3% in August, according to the latest government figures to be published.
The Land Registry date for August, which records actual sales in England and Wales, shows that the average house price rose to £167,423, a 6.7% annual rise.
The picture though is patchy. For example, prices fell 1.4% in Yorkshire and The Humber compared to July. The West Midlands experienced the greatest monthly rise with an increase of 1.2%.
On an annual basis London has seen prices rise by 11.4%. Average home prices in the capital stood at £345,734, more than double the average across the country, while in the North East prices increases just 1.6% year on year.
And the number of properties sold in England and Wales for more than £1 million soared 81% over the 12 month period to June.
The figures are in stark contrast to other indices released in recent days. Earlier this week Hometrack’s report showed that prices fell 0.4% in September, the third monthly decline in a row.
Both Nationwide and the Council for Mortgage Lenders said prices were down in August, versus July and HMRC recorded a 6% fall in the number of home sales.
Last week, the British Bankers Association said mortgage lending fell in August, with the month seeing the lowest number of new mortgages so far this year.
Meanwhile, a separate report shows that Windsor and Maidenhead is the wealthiest area outside London with average property values of £409,939. While the poorest is North Lincolnshire with average house prices 44% below national average at £124,921.
The figures from property website Zoopla put the average property value in England at £225,045, some 8.7% below the peak of three years ago but up 11.2% from the lows of March 2009.
The statistics released today by Zoopla, which provides free value data on every property in the country, also show that all of the top 10 wealthiest housing markets are located in the South. South Gloucestershire (£384,102), Surrey (£357,863) and Hertfordshire (£317,687) round out the list of areas with the highest property values in England.
Meanwhile, the North is home to all of the top 10 poorest housing markets in the country, with Hartlepool (£124,949), Durham (£133,257), South Yorkshire (£137,413) and Nottinghamshire (£137,949) not far behind North Lincolnshire.