Overall, the report showed an annual growth of 7.2%, but a decline of 0.2% since August.
London experienced the highest annual increase in property value with a movement of 18.4%. Yorkshire & The Humber saw the lowest annual price growth of 1.4% and the most significant monthly price fall of 2.2%. The East experienced the greatest monthly rise with a movement of 1.4%.
Repossession volumes decreased by 33% in July 2014 to 863 compared with 1,283 in July 2013. The region with the greatest fall in repossession sales in July 2014 was the East.
Over 93,350 residential properties in England and Wales lodged for registration in September. The most up-to-date figures available show that during July 2014 the number of completed house sales in England & Wales increased by 7% to 79,214 compared with 73,749 in July 2013.
The number of properties sold in England and Wales for over £1 million in July 2014 increased by 19% to 1,439 from 1,207 in July 2013.
Peter Rollings, CEO of Marsh & Parsons, comments:
“House prices rises are flattening on a monthly basis, as growth relaxes after a rousing first half of the year. But considered as a whole, the UK property market is still on an upward trajectory and prices have seen a considerable uplift in the past year. London is still showing healthy annual growth, and the unparalleled draw of living or investing in what many regards as the world’s greatest city gave the property market here a shortcut in the recovery. As a result, the average price of a Prime London home has risen by £163,973 over the past year.
“But London’s economy thrives on its global standing as an unbeatable destination both to live and to do business and talk of a ‘mansion tax’ and other populist wealth taxes threatens to erode this reputation. A quarter of all Prime London property purchases are made by overseas and foreign nationality buyers, though the vast majority have chosen to live and work here, adding hugely to the strength and vibrancy of the London economy. The uncertainty surrounding these proposals could shake the foundations of London’s property market as the political rhetoric picks up ahead of May’s general election, and we’d enter dangerous territory which could filter down to all sections of the market if these buyers packed up and turned their attentions elsewhere.”
