The average property value in England and Wales is now £168,356. The monthly change from December to January shows an increase of 1.0%. Repossession volumes decreased by 33% in November 2013 to 1,162 compared with 1,722 in November 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 10.9% - the North East experienced the greatest monthly rise with a movement of 2.6%. No regions experienced an annual price fall, although Yorkshire & The Humber saw the most significant monthly price fall with a movement of -1.4%.
The most up-to-date figures available show that during November 2013 the number of completed house sales in England & Wales increased by 23% to 78,358 compared with 63,953 in November 2012. The number of properties sold in England and Wales for over £1 million in November 2013 increased by 45% to 985 from 677 in November 2012.
Nicholas Ayre, managing director of homebuying agency Home Fusion, says:
"Disparity across the UK gets even bigger with London prices driven by international demand. It raises the bigger question of whether domestic demand will eventually taper off and be swallowed up by international buyers, who are not constrained by needing a mortgage, which most domestic buyers are. At what stage do we reach the point when affordability stops domestic buyers getting the home they want in London?
"Annual price rises in London, up 10.9%, are way above inflation, with average prices now reaching £409,881. The supply issue is still constraining the market and contributing to price rises. Whilst the latest news on the house building front is positive, with a number of builders reporting strong financials and building activity underway, there is always an 18-24 month time lag for new builds to reach the market."
David Brown, commercial director of LSL Property Services, comments:
“January has carried through momentum from 2013 and the recovery of the property market is building further this year.
“However, for some potential first time buyers, home ownership is proving more difficult rather than becoming a more achievable aspiration.
“With house prices rising, those without a step already on the ladder are finding it harder to make the leap. More higher loan to value lending – meaning smaller deposits are needed – is however helping more first time buyers than the market has seen for some years. This is a key factor that is helping drive the housing market forward. Rents are seeing a more modest rising trend, providing some breathing space for renters waiting to buy and saving up a deposit as landlords expand their portfolios and the private rented sector continues to grow.”
