Will current optimism in the property market be short lived?
With the Governor of the Bank of England reinforcing his authority on the financial markets and announcing his commitment to keep interest rates low for some time to come, this is welcome news for anyone wishing to get on the property ladder or wanting to move house.
Whether the reported housing market activity will be sustained for the remainder of the summer, through the autumn and into the winter, we will have to see, but there is certainly an ‘air of optimism’ currently drifting over the property market.
(See attached pdf for Chart showing Average Property Prices Jan 11 – Jun 13 in England and Wales)
Key facts about average property/house prices in England and Wales from June 2012 to June/July 2013*
• An ‘average property’ price for mortgaged properties has fluctuated between £162k – £171k for Nationwide (July)
• Land Registry’s (June) average prices for their analysis (including some cash sales) varies between £160k and £163k
• Acadametrics (July) average property prices for all properties show a range between
Property prices in June/July 13, on average, are approximately:-
15.5% above the lows of 2009 for Nationwide
7.5% above the lows of 2009 for Land Registry
16.5% above the lows of 2009 for Acadametrics
How do these months’ averages compare to previous years?
• The Nationwide reported average property price of £171k for July 2013 is the highest figure since June 2010 when it reached £170k.
• The Land Registry average prices show no significant changes during the last three years. • Acadametrics reported property prices have only risen around 1% in the last five months to £233k.
*(Appendix about seasonal adjustments)
Read the full version of Kate Faulkner’s Consumer Property Market Reports here, which includes:-
- Kate’s and Other Expert Market Commentary
- What’s happening to property prices regionally in June 2013?
- What’s happening in your town in June 2013?
- Property Supply & Demand
- What does this mean for buyers, sellers and investors?
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