Headlines
• Average Greater London house
prices rose by £60,000 (12.8%)
over the last 12 months
• Supply of property for sale
falls to record low for August
(down 59% since Aug 2007)
• Prices move up 0.4% overall
in England and Wales
during the last month
• The South East remains the
UK’s fastest-moving regional
market and prices outshine
Greater London with a
6-month rise of 6.1%
• The average annual home
price appreciation for England
and Wales rises to 6.5%
• Asking prices rose in all English
regions, Scotland and Wales
this month.
The biggest rises
were observed in the East of
England and the South East
(0.9% and 1.0% respectively).
Average London House Price up £60,000
Summary
Source: Home.co.uk
Despite economic shockwaves emanating from China, overall
the UK property market remains in rude health. Buyer demand
and short supply in London and the southern regions continues
to drive the national average higher, but at a lesser rate than last
year. The supply crisis is worsening and August recorded the
lowest number of properties entering the market for that month
since the onset of the financial crisis.
Of course, the key driver for demand is the availability of
mortgage finance, which remains abundant. Talk of interest rate
rises at the Bank of England has not dented buyers’ appetite.
Competition between investors remains fierce in London and
surrounding regions where the lack of supply is felt most keenly.
In London and the East of England, the volumes of properties
entering the market are down 15% and 18% respectively year-on-year
and down 75% and 73% vs. August 2008.
These and other southern regions are clearly sellers’ markets
and prices remain firmly on an upward trajectory. Marketing times
in the South East region have been the lowest in the country
since February. Across much of the nation, marketing times are
currently around the lowest we have witnessed since 2008; in the
North, however, marketing times are considerably higher than in
the South and prices are not rising appreciably.
Overall, the current mix-adjusted average asking price for England
and Wales is 6.5% higher than it was in September 2014, and we
expect further upward pressure on prices over the coming months.
Credit for article: Doug Shephard, Home.co.uk
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